Sitharaman blames millennials for slowdown, twitter breaks into laughter

Government Will Respond To Demand Of Auto Industry Finance Minister

On skidding sales and job losses in the automobile sector, the minister said that the government departments have been allowed to buy new vehicles.

"We are conscious that we have to respond", she said, adding that a confluence of factors was impacting automobile sales such as the transition to Bharat Stage VI emission norms.

In other measures, while briefing reporters on the "100 days of initiatives and decisive actions taken by the Government", Sitharaman said the Centre has set up a task force to boost investments in infrastructure projects and was in the process of identifying the sectors which needed funding from the Centre. The Finance Minister has said that BS6 vehicles are having an impact on the auto industry.

Minister of Finance and Corporate Affairs Nirmala Sitharaman on Tuesday addressed a press conference in Chennai to highlight the achievements of the Modi 2.0 government and talked about the abrogation of Article 370, 35A and rolling out of GST and Income tax reforms.

One of the reasons for the slowdown, according to the Finance Minister, was "change in the mindset" of the people, who, she said, are now using cab aggregators like Ola and Uber as well as public modes of transportation. When asked about a possible rate cut on cars, Sitharaman said that call would be taken by the GST Council at its meeting in Goa next week. She said that work is going on on the suggestions received from the industry for auto components.


Carmakers have sought an immediate cut in GST on vehicles to revive sales during the crucial festive season, after auto sales declined for the 10th straight month. The auto industry has raised the demand for a reduction in GST rates.

Domestic passenger vehicle sales fell for the 10th consecutive month, registering a 31.57% decline. Overall passenger vehicle sales dropped by a significant 31.57 per cent last month with 196,524 units sold compared to 287,198 units in August 2018. The industry saw a 12.25% decline in production in April-August 2019 compared to previous year.

Sitharaman said the government was working a package for the housing sector and would be announcing it "sooner rather than later".

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

While stating that bank mergers were announced for the banks to benefit from each other, the FM said the date of merger had to be decided by the boards of respective banks. "Our full focus now is on how it will rise", she noted.

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