Nirmala Sitharaman on auto slump: Millennials wary of EMIs

Nirmala Sitharaman on auto slump: Millennials wary of EMIs

Nirmala Sitharaman on auto slump: Millennials wary of EMIs

When asked if the GST on automobiles will be cut ahead of the festive season, Sitharaman said, "There is a demand to consider reduction of GST rates, what will be considered I can't say, as it has to be decided by the GST Council, she said when asked if the GST on automobiles will be cut ahead of the festive season".

"This sector (automobile) in particular, has been affected by several things such as the BS-VI movement, registration fee matter...and the mindset of millennials". Sitharaman also responded to a plethora of questions ranging from the slump in the economy to the slowdown in the automobile sector, among other political issues.

The FM, while speaking to the media here on 100 days of the Modi government 2.0, said, "We are conscious that we need to respond". "This is a government which is listening and wants to do something", the finance minister said.

Finance Minister Nirmala Sitharaman said that the "millennial mindset" of relying on taxi services, besides the upcoming stricter emission norms, are responsible for the auto sector slowdown. Besides this, younger people prefer cab aggregators such as Uber or Ola or use the metro rather than buying their own vehicles. The industry has been demanding a GST rate cut from the current peak rate of 28 per cent.

Hero MotoCorp, India's largest two-wheeler manufacturer, recorded a 20% drop in sales last month, with Maruti Suzuki suffering a 34% drop during the same period. She said that work is going on on the suggestions received from the industry for auto components. The industry saw a 12.25% decline in production in April-August 2019 compared to a year ago.

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On the job losses, the minister said the MUDRA scheme has generated jobs in the MSME sector.

India's monthly passenger vehicle and auto sales recorded their steepest fall ever in August, according to data released by a top industry body, underscoring the unprecedented slowdown in the sector.

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.

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". A growing economy needs good banks. "Our attempts now and full focus now are to see how it can rise in the next quarter".

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