General Motors to expend its Indian operation

General Motors the US based car manufacturer is planning to expend its Indian operation. According to reports the group is planning to provide finance for its passenger vehicles through some collaborations with banks. Recently the private sector banks raised the  the interest rates for vehicle loans and because of that there was a lot of credit crunch in market. Due to this credit   crunch the sales of auto sector dipped very sharply. According to many market analyst if the loan was available for passenger vehicles then the condition of the auto sales would be better.
The company is expected to grow by 10% this year(2009).company is optimistic about its sales figure in year 2009. Although the company expected to sell 72000 units of its car in India this year. According to a statement given by Karl Slym (GM India President) The Indian economy is still in doldrums and the car market is unlikely to see full recovery this year. Last year also the company grew by around 10 per cent despite the overall car market registering a drop of 2 per cent. Company is targeting to sell 2500 units of its new model Chevrolet spark muzik.