Auto sales in India sees sharpest fall in 19 years |
Indian Automobile sector is reeling under a slump as sales figures have seen a very sharp decline in July. The figures dropped by 18.71 percent which is the sharpest decline in nearly 19 years. This decline has rendered almost 15,000 workers jobless as automakers try to cut cost. As per data, vehicle sales across categories, including passenger vehicles (PVs) and two-wheelers, stood at 18,25,148 units last month as against 22,45,223 units in July 2018. Similarly, domestic Passenger Vehicle sales also saw the biggest fall in nearly 19 years, slumping by 30.98 per cent to 2,00,790 units as compared with 2,90,931 units in the same period a year ago. Despite the industry trying everything it can to promote sales, the data shows how urgent the need is for revival package by the government to arrest fall in sales and to bring back the industry on growth path. The auto industry has been seeking reduction in GST rate from the government. Reduction in GST rate, even for a temporary time, would help in reviving the sales.
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