New Delhi: Backing Finance Minister Nirmala Sitharaman's statement on Indian economy slowdown, National Spokesperson-Political and Economic Affairs Zafar Islam said that the "millennial mindset" of relying on taxi services like Ola, Uber are responsible for the auto sector slowdown.
Earlier on September 10, Finance Minister Nirmala Sitharaman said, "the automobile and components industry has been affected by BS 6 [norms] and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile,”
"Companies like Ola Uber have attracted the millenials to some extent. Now they are more inclined towards taxi services to get away from the facilities and parking system problems. Because of these reasons, there has been a slight slowdown in the automobile sector." according to Zafar Islam.
Auto sales have been grim for more than a year, with August sales falling 31.57 per cent, the worst month in 22 years.
The sector slowdown has led to companies resorting to production cuts even as many dealers have laid off employees or shut shop themselves.
Recently, the FM announced a series of steps to revive the auto sector, including lifting the government's self-imposed ban on buying vehicles.
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