Retail in Asia

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Economic downturn had “devastating effect” on auto industry says India’s Tata Motors

For automakers worldwide, 2009 would be one year worth forgetting. Ratan Tata, Chairman of Tata Motors, India’s largest automobile and commercial vehicle maker, says there are several reasons for the low sales figures in the industry: "The collapse of the global financial sector, the consequent lack of access to credit and working capital, along with the meteoric rise in commodities and fossil fuel prices, have collectively had an unprecedented devastating effect on the global automotive sector."