Millennials blamed for crisis in auto sector by Finance Minister Nirmala Sitharaman


Daijiworld Media Network - New Delhi (SHP)
 
New Delhi, Sep 11: Finance Minister Nirmala Sitharaman has now blamed the millennials as one of the reasons for the slump in the automobile sector. Sitharaman has claimed that the domestic sales fell from the effects of BS6 emission norms and millennial preference for Ola and Uber over the purchase of a vehicle.

The automobile sector fell at a record of 23.55 per cent in August 2019. Meanwhile, the domestic sale of passenger vehicles continues to drop down for the 10th month in a row.

To boost up the sector, the government released several measures. The BSIV vehicle purchased till March 31, 2020, will operate for the entire period of registration. Ban on the purchase of new vehicles by different government department was also removed. Besides this, the one-time registration fee was until June 2020.

The Finance Ministry will consider relaxing the 28 per cent GST to promote purchase. One of the several other measures includes,  Vehicles that are purchased till March 31, 2020, will have 30 per cent depreciation.

The automobile sector meltdown was suffered by India's largest carmaker, Maruti Suzuki. The sale dropped 36.1 per cent to 93,173 units in August 2019 from 1,45,895 in August 2018.

The backlash of the failing auto sector was also faced by some of the other famous carmakers - Honda plunged to 51.3 per cent, Hyundai dropped to 16.58 per cent, and Tata Motors saw a decline of a massive 58 per cent.

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Comment on this article

  • NN, NN

    Thu, Sep 12 2019

    Millennials frugal way of living is one of the causes for downward trend in all businesses. They have experienced their parents struggle during the last world recession in 2008. They buy only what they need and not what they want. No more show off. Even stream Irons are not in demand. Wrinkled clothes are a new fashion. Only Walmart has brisk business.

    DisAgree Agree [1] Reply Report Abuse

  • NN, NN

    Thu, Sep 12 2019

    A quiz for everyone: If exchange rate for rupee goes up to $1 = Rs.100, what will be the India's economy? $5 trillion or $2 trillion? (The present economy is $3.5 trillion)

    DisAgree Agree Reply Report Abuse

  • Chowkidar Chor Hai!, Mangalore

    Wed, Sep 11 2019

    Ms Flaring Nostrils needs to stop blaming and start acting, but the problem is this economics illiterate ignoramus dehati has no clue whether she is coming or going — let alone the economy!

    DisAgree [1] Agree [3] Reply Report Abuse

  • AnoNymouS, Mangalore

    Wed, Sep 11 2019

    Ha ha ha. Maybe she can wrap the entire auto industry with that lucky piece of cloth she had used to wrap her budget papers.

    DisAgree Agree [2] Reply Report Abuse

  • Avinash, Mangalore

    Wed, Sep 11 2019

    Ok millennials are responsible for loss of car sales. What about 60 percentage drop in truck sales??? I'm waiting to read comments from certain Dr and some routine commenting guys. I'm sure they won't have face to counter my question. They will only press dislike...

    DisAgree Agree [3] Reply Report Abuse

  • Lionel Dsouza, Mangalore

    Wed, Sep 11 2019

    HA BARAD BARAD.....NANALA BARAD.....VODEMUTTA THUKAA...….

    DisAgree Agree [5] Reply Report Abuse

  • Tea Boy, Mangalore

    Wed, Sep 11 2019

    Nach Na Aaye Aangan Theda.
    As if there were no other means of transport since 1947 with half the population of now.
    FYI, now this latest MVA with exorbitantly higher pealties and fines is your selfish money making misadventure people might opt to travel by public transport or other conveyances which will impact auto industry severely. Then are you ready to admit your anti economic blunder or play another blame game????????.....

    DisAgree Agree [12] Reply Report Abuse

  • Senior citizen, Puttur

    Wed, Sep 11 2019

    Respected FM, blaming Millennials will not solve the problems. Reduce GST, increase interest rates for deposits in the banking sector, provide subsidies to the industry, pump money into PSU's for upgrading facilities, control prices for FMCG products etc, etc.,may help to revive economy.

    DisAgree Agree [6] Reply Report Abuse

  • Senior citizen, Puttur

    Wed, Sep 11 2019

    Respected FM, blaming Millennials will not solve the problems. Reduce GST, increase interest rates for deposits in the banking sector, provide subsidies to the industry, pump money into PSU's for upgrading facilities, control prices for FMCG products etc, etc.,may help to revive economy.

    DisAgree Agree [8] Reply Report Abuse

  • Mangalurian, Mangaluru

    Wed, Sep 11 2019

    Every success has one father - the Gujju-bhai. Failure? It is someone else's fault.

    India's downhill momentum will continue for some years.

    If the Government wanted to collect as much as GST as possible for the 150,000 crores Gujarat bullet train, or the Gujarat statue, or for Rafaele partnerships, well...

    ... the Government needs to print plenty of money. And then there will be a 10 trillion Zimbabwean dollar economy.

    DisAgree Agree [15] Reply Report Abuse

  • Gilbert, Udupi

    Wed, Sep 11 2019

    India is achieving 5 Trillion Economy status soon under BJP rule and the FM is in that direction!!!!!!! Jai Hind...

    DisAgree [2] Agree [11] Reply Report Abuse

  • Salah, AUH

    Wed, Sep 11 2019

    It's not Millennials in automobile industry, but Millennials in the government reason for this chaos

    DisAgree Agree [10] Reply Report Abuse

  • D Souza, Mangalore

    Wed, Sep 11 2019

    Blame the auto sales slump on Nehru.

    DisAgree Agree [12] Reply Report Abuse

  • Edward Pinto, Mangalore

    Wed, Sep 11 2019

    One should understand millennials are the backbone of this country. We can not have old wine in the new bottle and sell in the 21st century without any innovations. Government need to sideline old mental set up and draw towards in new avenues to compensate the downfall. we need to see the root cause; as Ola and Uber have changed the market to a new high. If one particular sector is not doing well then all ancillary industries are in distress. Government has to seriously find out the root cause of the problem and remedial solutions.

    DisAgree Agree [8] Reply Report Abuse

  • David Pais, Mangalore

    Wed, Sep 11 2019

    2day dis fiancé minister 1st time in 70 years forgot 2 blame congress.. u & da bhaktas said 21st century belongs 2 India?????????

    DisAgree Agree [13] Reply Report Abuse

  • rahul, mangalore

    Wed, Sep 11 2019

    HEHEHEHEHEHEHEHEHEHE.....OHH GOD SAVE THE COUNTRY,,,

    DisAgree Agree [8] Reply Report Abuse

  • Deshbhakht, Mangalore

    Wed, Sep 11 2019

    In that case, shouldn't Ola and Uber companies in India be buying all those cars that were earlier bought by the millennials ??

    For sure the companies aren't using Bullock carts to transport people ??

    What an intelligent woman we have for a FM !!

    DisAgree [2] Agree [33] Reply Report Abuse

  • Roshan, Mangaluru

    Wed, Sep 11 2019

    Ola and Uber has been blamed for crisis in Auto Industry. Luckily for BJP, there is always some one to blame, starting from Nehru to Uber. What is fantastic to note that their bhakts, some of them doctors, engineers and CA's too endorse the same view and keep these crap excuses as legitimate.

    Jobs losses are one thing, now to add on people have the worries even to ride specially the truck drivers. End of the day, many many will start realizing they are paying a price for their own foolishness.
    While BJP leaders, will happily lead rest of their lives being multi-billionaires like Amit Shah's son or so.

    Great indeed.

    DisAgree [1] Agree [28] Reply Report Abuse


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