Millennial mindset is a factor influencing auto sector: Nirmala Sitharaman

Millennial mindset is a factor influencing auto sector: Nirmala Sitharaman

"Now that's why I periodically remind that the automobiles in particular and the components together, have been affected by several things, inclusive of BS-VI movement, inclusive of that registration fee related matter, which we have deferred till June, inclusive of the mindset, some studies do tell us, the mindset of the millennials who are now preferring not to commit an EMI (equated monthly installment) towards buying automobiles, but would consider taking (cab aggregators) Ola, Uber and everything else or take the Metro".

Chennai: Finance Minister Nirmala Sitharaman said on Tuesday the government led by Prime Minister Narendra Modi has taken landmark steps in its second term for India to emerge as a five trillion dollar economy in the next five years amid a domestic and global slowdown. "Millenials are using Ola-Uber instead of buying new vehicles", she said. Amid the current slowdown in the auto sector, the industry demand was for an across-the-board GST rate cut from 28 per cent to 18 per cent.

On the question of the auto industry asking for a Goods and Services Tax (GST) rate cut from 28% to 18%, she said, "I can not singularly take a decision on GST".

Domestic passenger vehicle sales skidded for the 10th consecutive month, falling from 287,198 units in August past year to 196,524 units last month and registering a 31.57 per cent decline.

The Finance Minister also assured that a decision on GST rate cut for vehicles will be taken soon.

In July, auto sales had dropped by 18.71 per cent from the same month last year, which was the sharpest decline in almost 19 years. Automobiles purchased till March 31 next year can avail the benefit of additional depreciation of 15 per cent with total depreciation up to 30 per cent.

"It is useful for us to remember that dips and raises in GDP growth happens".

On GDP growth, she said, "It's not that the government is not responding with measures to boost GDP. Now we are focused to see how it can grow in the next quarter", she said.

According to her, the task force is in the process of identifying the infrastructure projects to be funded, as well as expedited, and the Central government will start funding infrastructure projects once it submits its report.

"GST revenue collections need attention and government needs to widen the GST revenue collections need attention and government needs to widen the basket", she said.

On the removal of Article 370, to withdraw the special status of Jammu & Kashmir, the minister said it was a long-time dream of the BJP.

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