<p>India's total passenger vehicles sales volume grew 11 per cent in February to a record high as demand for utility vehicles stood strong, the Society of Indian Automobile Manufacturers (SIAM) said on Friday.</p>.<p>Wholesale passenger vehicle volumes rose to 291,928 units from 262,984 units a year ago, said SIAM, which records sales to dealers. Sales of passenger cars and utility vehicles formed up to 96 per cent of the total.</p>.<p>Earlier this month, the Federation of Automobile Dealers Associations (FADA), which publishes retail sales data, also said passenger vehicle sales grew 11 per cent in February.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/indian-banks-gross-npa-could-fall-to-4-by-march-2024-1198656.html" target="_blank">Indian banks' gross NPA could fall to 4% by March 2024</a></strong></p>.<p>FADA expects sales to rise in March on pre-buying ahead of a regulatory change that would increase prices from April and as automakers dish out promotional offers in the final month of India's fiscal year.</p>.<p>As one of the key indicators used to determine private consumption, auto sales numbers hold more than 50 per cent of the weight when calculating India's economic growth.</p>.<p>A rise in borrowing rates in February "remains a concern", said SIAM President Vinod Aggarwal, adding that he hopes for moderation in the lending rates.</p>.<p>Two-wheeler sales, an indicator of the financial health of India's lower- to middle-income households, were also up 7.6 per cent, doubling from 3.8 per cent in January.</p>
<p>India's total passenger vehicles sales volume grew 11 per cent in February to a record high as demand for utility vehicles stood strong, the Society of Indian Automobile Manufacturers (SIAM) said on Friday.</p>.<p>Wholesale passenger vehicle volumes rose to 291,928 units from 262,984 units a year ago, said SIAM, which records sales to dealers. Sales of passenger cars and utility vehicles formed up to 96 per cent of the total.</p>.<p>Earlier this month, the Federation of Automobile Dealers Associations (FADA), which publishes retail sales data, also said passenger vehicle sales grew 11 per cent in February.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/economy-business/indian-banks-gross-npa-could-fall-to-4-by-march-2024-1198656.html" target="_blank">Indian banks' gross NPA could fall to 4% by March 2024</a></strong></p>.<p>FADA expects sales to rise in March on pre-buying ahead of a regulatory change that would increase prices from April and as automakers dish out promotional offers in the final month of India's fiscal year.</p>.<p>As one of the key indicators used to determine private consumption, auto sales numbers hold more than 50 per cent of the weight when calculating India's economic growth.</p>.<p>A rise in borrowing rates in February "remains a concern", said SIAM President Vinod Aggarwal, adding that he hopes for moderation in the lending rates.</p>.<p>Two-wheeler sales, an indicator of the financial health of India's lower- to middle-income households, were also up 7.6 per cent, doubling from 3.8 per cent in January.</p>