The ongoing consumption slowdown that has gripped the Indian economy dragged down the automobile industry's August sales to the lowest level since 1997-98, leading to the sector seeking even a 'bigger stimulus package' to revive growth.
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Watch Slowdown plunges August auto sales to lowest since 1997-98 With HD Quality.
The ongoing consumption slowdown that has gripped the Indian economy dragged down the automobile industry's August sales to the lowest level since 1997-98, leading to the sector seeking even a 'bigger stimulus package' to revive growth.
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Watch Slowdown plunges August auto sales to lowest since 1997-98 With HD Quality
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India's biggest automaker, Maruti Suzuki India Ltd, has cut the number of workers it employs on temporary contracts following a plunge in vehicle sales. The auto industry, which accounts for nearly half of India's manufacturing output, is going through one of its worst slowdowns in nearly a decade, with vehicle sales falling rapidly and little sign of a revival anytime soon.
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TT Srinivasaraghavan, MD, Sundaram Finance, says the overhang of the slowdown would stay longer for the passenger vehicles segment due to the NBFC crisis. He spoke to ETMarkets.com on the sidelines of an FIDC event.
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Watch This NBFC says auto slowdown cyclical, mostly exaggerated With HD Quality
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Nitin Gadkari says that unfortunately, whatever the Finance Minister N Sitharaman said about the millennial mindset of using Olacabs & Uber was misinterpreted by the public
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