India’s newly hiked interest rates may slow down the auto industry’s recovery ...Middle East

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India’s newly hiked interest rates may slow down the auto industry’s recovery
The surprise hike in lending rate by India’s central bank yesterday (May 4) spells trouble for the auto industry recovering from a covid-triggered slump.“When compared with April 2019, total vehicle retail was down by -6%…This move [by RBI] will apply brakes and dampen the sentiments further,” according to a release from the Federation of Automobile Dealers Associations (FADA), an industry body.Automobile makers recorded zero sales in April 2020 during India’s covid lockdown. A global chip shortage due to supply constraints hit sales, too. Then came the Russia-Ukraine war and another lockdown in China.Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s

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