This fall was sharper than the overall economy. Economic growth slowed to 3.3% year-on-year in the first quarter of 2023 from 5.9% in the previous quarter and 8% in the whole of 2022.

The strong sales growth came about despite economic growth continuing to slow sharply in the first quarter to 0.8% year-on-year from 1.4% in the fourth quarter and 2.6% in the whole of last year.

The market continued to decline despite a pick-up in economic growth to 2.7% year-on-year in the first quarter after slowing to 1.4% in the fourth quarter of last year.

Commercial vehicle sales in the first four months of 2023 were up by almost 9% after declining by 40% in the same period of last year.

Q4 of FY 2023 sales showed few signs of abatement in the increasing sales in the segment across India in FY 2023.

India's light truck sales increased by more than 100,000 units in FY2022-23 from the previous fiscal year.

Strong demand for rigid trucks sees reguistrations grow by 30% across India.

The Covid-19 pandemic decimated bus and coach travel demand in India starting two to three years' ago - the market now for public transport is in recovery.

Sales of light-duty passenger vehicles (7.5 tons and below) enjoyed a resurgence in the FY2022-23 ending March 31, 2023, increasing by 122.1%.

The Indian Government's subsidies for transit buses under the FAME programme has reinited sales.

Strong tractor demand in Q4 helps boost production by similar volumes.

Medium and heavy rigid truck sales in India remain the life blood of the road transport sector - sales improve 5.1% during the final quarter of FY2022-23.