Sales of cars will increase by 9% to 10%: Ekra

With the increased purchasing power of the people, sales of domestic passenger cars can increase by 9-10 per cent in this financial year. The rating agency ECRA said in a report released today that in the next five financial years, the sales of passenger cars are likely to increase from year to year to nine to eleven percent.

Subrata Roy, vice-president (corporate sector rating) of the Icra Group, said, "Long-term possibilities for the industry have become positive due to the increase in income generated by the people."