Sunday, 22 September, 2019

Millennial mindset of using Ola, Uber is adversely affecting auto sector: FM

What’s causing auto industry slowdown? Millennials, among other things: FM Sitharaman Govt will respond to automobile industrys demand, says FM Sitharaman
Russell Knight | 11 September, 2019, 06:53

The automobile sector in the country is facing the biggest slowdown in sales in almost two decades, with sales continuously falling for the past nine quarters. She also listed reasons like the upcoming Bharat stage-6 (BS6) emission norms and higher registration fees.

"The auto sector, which had good times till two years ago, is affected because of various other issues too", said the Finance Minister.

In other measures, while briefing reporters on the "100 days of initiatives and decisive actions taken by the Government", Sitharaman said the Centre has set up a task force to boost investments in infrastructure projects and was in the process of identifying the sectors which needed funding from the Centre.

Domestic passenger vehicle sales skidded for the 10th consecutive month, falling from 287,198 units in August past year to 196,524 units last month and registering a 31.57 per cent decline. "A whole of lot of factors are influencing the automobile sector".

New Delhi| Finance Minister Nirmala Sitharaman today spoke about the reasons for slowdown in the auto sector.

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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.

"Some studies do tell us that mindset of millennials, who are now preferring not to commit an EMI (equated monthly installment) for buying an automobile, instead prefer to take Ola, Uber, everything else, or take the metro". The Finance Minister also assured that the government is aware of the need to respond to the troubles in the auto sector. The auto industry has been hoping for a GST rate cut from 28 per cent to 18 per cent to bring it out of a demand slump.

Automobile industry in India has been reeling under crisis due to dip in sales in recent months. 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".

On the mega-merger of public sector banks, she said the government has announced the merger of 10 PSBs into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth, said the minister. I'm not underestimating it and we are not sitting without responding to it. "Our full focus now is on how it will rise".

She also defended the bank mergers and said the effective dates for mergers should be decided by the bank boards.

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