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Analysts say gloomy economic conditions have pushed India's middle class to pile their cash into savings.

And officials say the figures speak for themselves.

Analysts said though the central bank did not make the much-anticipated cut, it still has enough policy tools to use in the following weeks to lower the borrowing costs.

Analysts said high operating costs of vehicles, expensive rates and the limited number of cars as potential reasons for the program's demise.

Anchored in Shanghai, the company's China unit also manufactures appliances, and ships industrial parts from its Shanghai factory to its global networks, including economies related to the Belt and Road Initiative.