Hyundai cars are seen ready for shipment at a port in Chennai
Car sales in India rose 7% in May, their slowest pace of growth in two years, and analysts expect a further decline as higher fuel prices, interest rates and vehicle costs crimp demand in the world's second-fastest growing vehicle market.>
Auto sales, which grew at a breakneck pace of 30% in India in 2010, are driven by a burgeoning aspirational middle class that relies mainly on bank loans for its purchases. But consistently rising interest rates are forcing consumers to tighten their purse strings.
(Pictures by Reuters)