The mindset of the millennials, who seem not to be inclined towards committing on EMI towards buying an automobile, is among the factors that is influencing the automobile industry, which is witnessing a major drop in the sales, Union Finance Minister Nirmala Sitharaman told reporters here on Tuesday. Ms. Sitharaman said the factors included the transition to BS VI vehicles, registration fees and also the mindsets of millennials.
“Some studies do tell us, the mindsets of the millennials, who are now preferring not to commit an EMI towards buying an automobile instead would prefer to have Ola or Uber or take the metro,” she said.
Ms. Sitharaman also said that the automobile in India did have its good times and till about two years ago, there has definitely been a good upward trajectory for the automobile sector. “A whole of lot of factors are influencing the automobile sector. We are seized of the problem and we are trying to solve it,” Ms. Sitharaman added.
