Addressing the depressing situation of the automobile industry slowdown, Finance Minister Nirmala Sitharaman today said the slowdown in auto sales is not just because of a higher tax but also due to several reasons including the change in people’s mindset who prefer cab aggregators like Ola, Uber and public transportation.
Blaming millennials, Sitharaman said, “The automobile industry in India did have its good time, at least till two years ago. There was definitely a good upward trajectory for the automobile sector. Some studies show that millennials do not want to commit to an equated monthly installment to buy a vehicle, and prefer Ola, Uber and metro services.”
She also told reporters that the sector has been affected by the transition to Bharat Stage VI emission norms and a higher registration fee.