India's car industry has revised its growth projections for the fiscal year to over 8%, nearly twice the rate projected at the start of the year. Passenger vehicle sales in the local market are expected to grow by 8.1-8.2% to 4.23 million units in FY24, driven by better-than-expected economic growth, favorable monsoons despite El Nino conditions, and effective monetary policies that helped rein in high inflation without affecting domestic consumption.
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