MUMBAI, Jan 9: India’s auto industry on Wednesday lowered its annual growth forecast for car sales for the third time this fiscal year, as a slowing economy and costlier loans keep buyers away from showrooms.

The Society of Indian Automobile Manufacturers (SIAM) now predicts sales of between zero and 1.0 per cent, down from 1.0 to 3.0 per cent, spelling bad news for global carmakers seeking to expand beyond stagnant western markets.—AFP