Tuesday, 17 September, 2019

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

Government Will Respond To Demand Of Auto Industry Finance Minister What’s causing auto industry slowdown? Millennials, among other things: FM Sitharaman
Jean Garcia | 11 September, 2019, 10:25

"We are conscious that we have to respond", she said, adding that a confluence of factors was impacting automobile sales such as the transition to Bharat Stage VI emission norms. Some studies show that millennials prefer not to commit to an EMI and instead prefer having Ola or Uber or taking the metro. Check out how Twitterati reacted to the auto industry slowdown with their comments.

The government has set up a task force to speed up infrastructure spending and to identify projects where the budgetary allocation for the infrastructure can be front loaded, Finance Minister Nirmala Sitharaman said here on Tuesday. The Union Minister was addressing the media on the achievements of 100 days of Modi 2.0 when she was asked about the current slowdown that the automobile industry is facing.

The Minister said the Task Force has commenced work and was in the process of identifying those projects which would receive the funding (Rs 100 lakh crore).

Sitharaman surprised many by blaming the millennials for the slowdown.

The sales of cars and utility vehicles witnessed the worst monthly decline in August, with domestic sales of passenger vehicles falling 31.6 per cent year-on-year to 196,524 units in August, according to data released by the Society of Indian Automobile Manufacturers Monday - the lowest number since 1997-98 when SIAM started recording data.

"As far as commercial vehicles are concerned, GST rate cut would not be enough to revive demand".

Crews battle two huge fires threatening south Queensland towns
Local Mayor Greg Christensen said damage to the Binna Burra Lodge, built in the 1930s, was "quite extreme". The area is part of the World Heritage-listed Central Eastern Rainforest Reserves of Australia.

HeroMotoCorp reported 20 per cent drop, while Maruti Suzuki suffered 34% reduction in sales. "Two major announcements were made in August and September and two more are expected", she said. Running of BS-IV vehicles purchased up to March 31, 2020, has also been allowed.

'Not Underestimating Growth Pangs' "It is useful for us to remember such dips and rise in GDP growth do happen".

Responding to the criticism of the government accessing the accumulated reserves of the Reserve Bank of India, she said it had been accessed by the governments in the past too. "Our full focus is now on how GDP can rise in the next quarter".

"GST revenue collections need attention and government needs to widen the GST revenue collections need attention and government needs to widen the basket", she said.

"The idea to merge the banks was so that all banks can benefit from each other", she said, adding that she is not aware of any unhappiness yet among the bank employees about the mergers.

On the removal of Article 370, to withdraw the special status of Jammu & Kashmir, the minister said it was a long-time dream of the BJP.

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