TIL Desk/Business/New Delhi/ Faced with a consumption slowdown along with the high cost of finance, the country”s automobile dealers expect a partial turnaround during the upcoming festive season which will also lead to job regeneration. The sector has witnessed around 2 lakh job losses due to the sales slowdown.
At present, the sector suffers from a sales downturn due to several factors like high GST rates, farm distress, stagnant wages and liquidity constraints. Besides, inventory pile-up and stock management of unsold BS-IV vehicles have become a problem for the sector.
“We are seeing some recovery in the jobs that were lost,” Federation of Automobile Dealers Associations (FADA) President Ashish Harsharaj Kale told. “We hope the festive season will be better in terms of sales and this will have a positive effect on job recovery.” Additionally, the industry body expects the latest government measures to kick-in and reverse the ongoing slowdown.
