Car majors hit top gear in last lap of FY17

With March volumes touching record high since note ban, sales zoomed past 3-mn mark

Carmakers achieved their best domestic sales figures in March, the last month of the financial year 2016-17, since demonetisation, with more than 10 per cent growth year-on-year (Y-o-Y).
 
The sector sold over three million units in FY17, a milestone. In FY16, 2.78 million units were sold. India, the fifth-largest passenger vehicle market globally (cars, vans and utility vehicles), had registered a volume growth of about nine per cent in FY17.
 
Prime Minister Narendra Modi had announced demonetisation of old Rs 500 and Rs 1,000 notes on November 8, 2016, sucking out about 86 per cent of the currency