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Auto industry logs 11.5 percent growth
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SME Times News Bureau | 02 Jul, 2009
The automotive industry in India grew at a computed annual growth rate (CAGR) of 11.5 percent over the past five years, the Economic Survey 2008-09 tabled in parliament on Thursday said.
"The industry has a strong multiplier effect on the economy due to its deep forward and backward linkages with several key segments of the economy," a finance ministry statement said.
The automobile industry, which was plagued by the economic downturn amidst a credit crisis, managed a growth of 0.7 percent in 2008-09 with passenger car sales registering 1.31 percent growth while the commercial vehicles segment slumped 21.7 percent.
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