Over the last few years, the Indian and international financial media has been harping on the growth in the Indian automobile industry (see video from the Financial Times) with frequent proclamations of an everlasting boom. The Economic Times has reported today how this boom has now crashed rather badly: "Last year, car sales grew 2.2 percent and the immediate future looks mostly gloomy for an industry that experts had expected to ring up annual car sales of 9 million by 2020 from less than 2 million this year, but looks set to significantly undershoot that target."
This is one of many warning signs of a major market crash to come in Indian markets. The banks will be next harbinger of bad news as loans start going into default in the next quarter or two.
