According to an ICRA report, CV sales are likely to remain subdued until the liquidity situation improves. The report mentions that the industry is also expected to witness some pre-buying in Q4 FY 2016-17 as the country progresses to Bharat Stage (BS)-IV emission norms in April 2017. The domestic CV industry, the report states, is unlikely to meet earlier forecast. Likely to register an overall volume growth of 5-6 per cent in FY2016-17 over the previous year, in the medium-term, the report mentions, that the CV industry will register a growth of 8-10 per cent per annum on the basis of demand from infrastructure-related segments, improving macro-economic scenario and favorable regulatory developments such as emission and fuel efficiency norms. Government’s proposed vehicle modernisation program along with NGT’s thrust on phasing out old diesel vehicles may trigger replacement demand.