Now, this is what Sitharaman says about auto slowdown!

TIL Desk/Business/New Delhi/ Finance Minister Nirmala Sitharaman on Tuesday said the slowdown in the automobile sector was due to many factors like the change in mindset of millennials, who now prefer taxi aggregators like Ola and Uber instead of committing for monthly installments to own a car.

Sitharaman said the automobile industry did have its “good times” till two years ago.“It was definitely a good upward trajectory for the automobile sector,” she told reporters. The minister said the sector had been affected by several things, including movement towards BS-VI norms and registration related matters and (also) change in mindsets.

She said some studies had revealed that there was a change in the mindset of the millennials not to commit any EMIs (equated monthly installments) towards buying an automobile and instead taking Ola, Uber or the Metro (train) services. “So, a whole lot of factors are influencing the automobile sector. We are all seized of the problem. We will try to solve it”, she said.

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