Monday, 23 September, 2019


Twitterati explode with memes after Sitharaman blames millennials for auto industry slump

What’s causing auto industry slowdown? Millennials, among other things: FM Sitharaman Govt will respond to automobile industrys demand, says FM Sitharaman
Conrad Doyle | 11 September, 2019, 10:25

"These include BS6 (Bharat Stage 6) movement, the registration fee issue that has been deferred till June and the mindset of millennials, who are now preferring not to commit EMIs to buy automobiles but prefer to use Ola or Uber or take the metro".

When asked about the slowdown in auto sector, which is said to be the worst in almost two decades, the finance minister said, "It is true that the automobile sector in India had a good time till two years ago, there was definitely a good upward trajectory for automobile sector".

One of the reasons for the slowdown, according to the Finance Minister, was "change in the mindset" of the people, who, she said, are now using cab aggregators like Ola and Uber as well as public modes of transportation.

The Finance Minister said the auto sector has demanded a GST rate cut and the GST Council has to decide on that, she said. Growth can be cyclical in nature, finance minister Sitharaman said.

She was addressing the media at an event, "100 days of bold initiatives & decisive actions", to mark the 100 days of NDA-2 government. She, however, added that some of the industry suggestions had already been considered.

India's monthly passenger vehicle and auto sales recorded their steepest fall ever in August, according to data released by a top industry body, underscoring the unprecedented slowdown in the sector.

Last year, the Supreme Court ruled that from April 1, 2020, there will be no sale of (BS) IV vehicles.

The fitment committee refrained from recommending any cut in view of the revenue implications of such a move, leaving the rate reduction call to the political class at the GST Council. The industry has been demanding a GST rate cut from the current peak rate of 28 per cent.

In July, auto sales had dropped by 18.71 per cent from the same month last year, which was the sharpest decline in almost 19 years. This government listens to everyone and we are also taking measures. Pointing out that it's part of the growth cycle, the FM said, "I am not going to harp on the earlier times when it has happened". The government may have to increase infrastructure expenditure. "We are working on this and will soon take a decision", she said. "Our efforts now are to see how to rise in the next quarter".

She said the sector has been impacted by a number of factors. The banks will benefit from each other's strength.A growing economy needs good banks.

On the financial development of Jammu and Kashmir, she said: "J&K wont suffer any financial loss due to removal of Article 370".

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