Three months earlier, the vehicle sales growth as announced by Automobile industry body SIAM, The Society of Indian Automobile Manufacturers, was 12-15%, but after noticing higher interest rates and rising fuel prices, this today has been lowered down to 11-13% for the financial year 2012.

It was earlier announced to have a sales growth of 16-18% during 2011-12, but now even this has been predicted by SIAM to be around 10-12 % only.

At the same time, SIAM also reported that during last 6 months time i. e. from January to June 2011, India with a growth of 14.40%, remained top growing passenger car market in the world. As told by SIAM President Pawan Goenka, "Increase in interest rates has been higher than what we had thought three months earlier... Fuel price rise is more than what we had anticipated".

He also brought into light the fact that since last few months, few commodity prices have been also been found to soften, which is another big concern for the auto industry. And thus there does not seem to have a rise in the prices of their products.