- For 10 months straight car sales is witnessing decline .
- Truck and bus sales dropped 39%
- Two-wheeler sales fell 22% to 1.5 million units.
With a population of 1.3 billion, India is one amongst the largest car markets in the world, fourth largest to be precise. Owning a car here is more of a status symbol than a mere means of transport. But despite all this India is experiencing the worst kinda slowdown in the economy since 1997-98.
Finance Minister plays the blame game on the millennial mindset and their lifestyle to be contributing as a deep threat to the auto sector. According to her, the preference of millenials to ride-hailing apps such as Ola and Uber are the root cause. These comments by FM invited a sarcastic response from the netizens as they started sharing epic comments using ironical hashtags like #SayItLikeNirmalaTai and #BoycottMillennials. Let’s have a glance at some of the hilarious comments,
- “Indian film industry is struggling because millennials are wasting their time and acting skills on TikTok.”
- “Airline sector is facing slowdown because millennials are just interested in road trips”
- “The cosmetic industry is down because millennials are using editing apps on phones”
- “BHEL is lowest in 15 years because millennials prefer ‘paan puri’.”
- “LIQUOR sales is also down because Millenials are drink ethanol in chemistry labs.”
Shashank Srivastava,the executive director at Maruti portrays his thoughts on this saying, “Ola and Uber came into existence 6-7 years ago. During this period, the auto industry also saw its best times. So, what happened in the last few months that the downturn became so severe?
On the other end, analysts blame the extravagant GST of 28 percent that was implemented in 2017 on automobile sector for the falling demand. The production costs also have gone up due to the new rules demanding cars to be compliant with emissions and safety standards. The consumers have been experiencing low confidence as the income growth has been impacted and also the banks are reluctant to provide loans owing to a liquidity crunch.
Sitharaman has assured that the government will act accordingly to slow the slump in auto sector. She has lifted a ban on government departments for purchasing new vehicles to boost the sales. The sector however wants the GST to be reduced to 18 percent keeping in view the arrival of the festive season ahead as it is the bumper sale period for the industry.
Show your creativity in the comments below to create your own epic statements using #SayItLikeNirmalaTai and #BoycottMillennials. Read, share, comment 🙂