Though, the prices have already seen three rounds of hikes in the Indian market, the positive consumer sentiment has been able to offset the impact. According to the data released by Society of Indian Automobile Manufacturers (SIAM), the car sales have rose by almost 30% in the domestic market that clearly shows the positive sentiment that is flowing in the economy.

The report by SIAM further highlighted the fact that domestic automobile firms sold close to 148,481 cars in the month, that it way up as compared with the 113,810 units, the industry sold a year ago.

In fact, a parameter that it considered to be a direst indicator of economic activity i. e. the sales of trucks and buses rose 58 percent to 48,580 units in May.

While the automakers have ruled out the option of a fourth hike in the Indian market anytime soon but keeping in mind the high input costs and high pressure on their margins, the experts are of a view that a hike in prices will be announced soon. But till then, the industry is expected to move on a highway.