The Society of Indian Automobile Manufacturers (Siam) has cut the growth forecast for passenger vehicles sales for the ongoing and next fiscals.

For this fiscal Siam has pegged the sales growth for passenger vehicles (PVs) at 6-8 percent and 11 percent for the next.

Sugato Sen, Siam Deputy Director General has said that “Although we had forecast initially in the beginning of this fiscal that we expect growth of PVs to be 6-8 percent, we have increased it to around 10 percent when sales picked up during the year. Now due to the infrastructure cess we are revising it back to 6-8 percent.”

Read EquityPandit’s Nifty Auto Outlook for this week