MUMBAI: Credit rating agency, Moody’s Investors Service, on Wednesday said automobile sales in India will fall 30% in calendar year 2020, as against a 20% decline globally.

Moody's had earlier estimated a 14% fall in global sales volumes for 2020. However, Moody’s said auto sales worldwide may improve during January-March of the current fiscal, recovering 11.5% in FY21 and that of India's would grow by 20%, albeit on low base of CY2020. “We are cutting our auto sales forecast as the severity of the global recession becomes more apparent.

Amid a sharp drop in economic activity in the wake of the coronavirus outbreak, we expect G-20 GDP to contract 4.0% in 2020, worsening from our previous forecast of a modest 0.5% contraction," the Moody’s

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