Government Will Respond To Demand Of Auto Industry

Government Will Respond To Demand Of Auto Industry

The other measures included ICE (internal combustion engine) vehicles will coexist with EVs (electric vehicles) and that there is no phasing out of ICE vehicles, a fear expressed in certain quarters of the auto industry.

According to news agency ANI, Sitharaman said that the auto industry has suffered due to BS6 and Millennials Mindset.

On the spending of Reserve Bank of India surplus reserve of Rs 1,76,051 crore which was transferred to the government after approving all the recommendations of the Bimal Jalan-led expert committee, the finance minister said that a task force has been appointed by the government on how the money should be frontloaded on infrastructure as well as to boost the consumption index.

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. "So, (a) whole lot of factors are influencing the automobiles sector", she said.

Domestic sales of passenger vehicles fell 31.6% in August 2019, compared to the same period past year. Since December 2018, year-on-year monthly decline in sales has been unabated. "The automobile sector is affected by a range of issues such as rollout of Bharat Stage VI emission standard, higher registration fee, the mindset of millennials who prefer to use ride-hailing services such as Ola and Uber over committing to an EMI for purchasing a vehicle, besides the use of public transport such as metro".

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Ashok Leyland has announced 59 non-working days in five plants in September after the company reported 28 per cent decline in sales in July. Over 3.5 lakh people have reportedly lost jobs as smaller component makers have begun shutting shop.

Finance Minister Nirmala Sitharaman on Tuesday said the government would respond to the demands of the automobile industry, which is facing the worst slump in two decades. The percentage sale of two-wheelers is at a three-year low. This is down from a GDP growth of 8.2% in the first quarter of the previous financial year.

On the dip in GDP growth, she said, "I am not underestimating it or sitting here without responding to do something to boost it to grow better". 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. Our full focus now is on how it will rise", she noted.

Social media users, meanwhile, are not too happy with the Minister's statement.

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