Tata Motors, Toyota Kirloskar and Honda Cars were no better.Also, the corporate tax rate for all companies should be brought down to 25 per cent, as promised in earlier budget speeches. Consumer expectations on revised GST rate on cars and limited liquidity availability kept them from firming their buying decision,” said Sibendra Barman, Vice President, Sales- Marketing at Passenger Vehicles, Tata Motors. PUNE: The Indian auto industry, the world’s fourth largest and Asia’s third biggest, with two-wheelers segment dominating the market, continues to move in reverse gear.The tractor, heavy commercial vehicle and passenger vehicle sales continued their downward trend, indicating a slowing economy across sectors, with automakers now banking on badly needed stimulus in the Budge on Friday to spur growth. Customer sentiments remained low due to the overall slowdown in economic growth."

The GST rate on all categories of vehicles should be brought down to 18 per cent from current 28 per cent to kick-start growth again in the Indian auto industry,” Vishnu Mathur, Director General at the Society of Indian Automobile Manufacturers, told Financial Chronicle.Auto industry has been de-growing for the past 4 quarters.."Auto industry has been de-growing for the past 4 quarters. The Indian auto industry, the world’s fourth largest and Asia’s third biggest, with two-wheelers segment dominating the market, continues to move in reverse gear. Auto honchos said it was facing the most challenging times ever

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