This, coupled with the economic slowdown, continues to hold the industry performance in the red and a possible turnaround is still not expected in the coming months, he added.
General Motors India on Wednesday reported 35.5 percent decline in sales at 4,257 units in March as against 6,601 units in the same month last year.
Commenting on the performance, General Motors India Vice President P Balendran said: "Despite the marginal reductions in repo rates earlier this year, the green shoots are still not visible in the economy as we haven't really seen the banks passing on the reductions entirely to consumers".
This, coupled with the economic slowdown, continues to hold the industry performance in the red and a possible turnaround is still not expected in the coming months, he added.
"We hope that interest rates will get reduced in phases going forward and the government will take some decisive steps to improve the consumer sentiment so that there is some uptick seen towards the festive season," Balendran said.
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