Millennials, not taxes, get blame for India's falling auto sales

Millennials preferring Ola Uber adversely affecting auto industry Nirmala Sitharaman said recently

"The automobile sector had an upward trajectory 1.5-2 years ago", she said, adding that the sector has been affected by the transition to Bharat Stage VI emission norms, higher registration fee and change in people's mindset from owning a vehicle to choosing other mobility options like Ola, Uber and the Metro.

Ms. Sitharaman also said that the automobile in India did have its good times and till about two years ago, there has definitely been a good upward trajectory for the automobile sector. "Millenials are using Ola-Uber instead of buying new vehicles", she said. The Finance Minister also assured that the government is aware of the need to respond to the troubles in the auto sector. She said that work is going on on the suggestions received from the industry for auto components.

Reacting to questions on job losses across industries, Sitharaman said, "All of us are constantly interacting with various economic sectors not just in Delhi but from across the country".

Domestic sales of passenger vehicles fell 31.6 per cent year-on-year to 196,524 units in August, according to the data released by the Society of Indian Automobile Manufacturers (Siam).

"I can not singularly take a decision on GST rate cut on automobiles".

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According to data released by SIAM, two-wheeler sales - a key barometer of the rural economy - also dropped by 22.24 per cent to 1,514,196 units against 1,947,304 units in the same period past year.

The GST Council is set to meet on September 20 in Goa. Overall passenger vehicle sales dropped by a significant 31.57 per cent last month with 196,524 units sold compared to 287,198 units in August 2018.

"Banks are grappling with low credit offtake recently and we are taking steps to boost consumer confidence in the market". Running of BS-IV vehicles purchased up to March 31, 2020, has also been allowed. The GDP growth rate is at five percent in one quarter, we won't compare it with earlier times. "We are working on this and will soon take a decision", she said. "Our attempts now and full focus now are to see how it can rise in the next quarter".

According to her, the task force is in the process of identifying the infrastructure projects to be funded, as well as expedited, and the Central government will start funding infrastructure projects once it submits its report. It's based on a formula that has been arrived at by the relevant committees, she said. The banks will benefit from each other's strength.A growing economy needs good banks. Addressing the 42nd session of the UNHRC at Geneva, Pakistan on Tuesday said the UN Human Rights Council, the repository of the world's conscience on human rights, must not remain "indifferent" to the situation in Kashmir after India revoked Jammu and Kashmir's special status.

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