The most recent statistics released by the Society of Indian Automobile Manufacturers (SIAM) have revealed that a momentous 68 percent growth in sales was recorded by the automobile industry of India during December 2009; with the sales of India’s passenger cars showing the maximum increase over the last three-year period.

The SIAM data indicates that the total number of vehicles sold in the country rose to an astounding 10,00,500 units in December, vis-à-vis the total of 5,97,241 units sold during the same month the earlier year. Noteworthy jumps in December sales have been reported by all leading auto manufacturers, including Maruti Suzuki, Tata Motors, Hyundai Motor, Hero Honda, and Bajaj Auto.

Furthermore, as per a Bloomberg calculation of the recently-released SIAM statistics, the year 2009 witnessed an 18.7 percent year-on-year increase in auto sales - from 1.20 million units sold in
2008 to 1.43 million units sold last year.

With economic growth and cheaper loan rates playing a crucial role in enabling India withstand a global slump in auto demand, the Indian auto industry managed to continue reaping gains from the push it had received from two stimulus packages since 2008-end.

Talking about the impressive auto sales growth in India, the SIAM President Pawan Goenka told reporters at the 10th Auto Expo in Delhi: “India was the third highest growing market in the world after China and Germany in 2009.”