MUMBAI -- The credit crunch in India's shadow banking sector, or nonbank lenders, has begun to squeeze the economy, with a crucial auto sector shedding jobs as reduced consumer access to loans dents sales.
After a strong first half of 2018, new-auto sales in India began declining on the year in November and tumbled 17% for the April-June quarter. Sales of passenger vehicles sank 31% in July, marking the ninth straight month of declines, according to the Society of Indian Automobile Manufacturers.
