Chennai: Finance Minister Nirmala Sitharaman said Tuesday that the slowdown in the automotive sector was due to a number of factors, such as a change in the minds of millennials, who now prefer taxi aggregators like OLA and UBER to commit monthly installments to own a vehicle. Sitharaman said that the automotive sector had its "nice times" until two years ago. "It was certainly a nice upward trajectory for the automotive sector," she said to reporters. The Minister said that the industry had been influenced by a number of factors, including moving towards BS-VI standards and registration associated issues and
She said some surveys have revealed that there has been a shift in the Millennials ' mentality of not committing EMIs (equivalent monthly installments) to the purchase of a car, instead of OLA, UBER or Metro (train) facilities.changing attitudes. We are all seized of the problem. We will try to solve it", she said. The Bharat Stage VI (or BS-VI) emission standard will enter into force across the nation from 1 April 2020. Currently, cars comply with BS-IV emission norms. On 23 August, in a bid to tackle the slowdown in the automotive industry, Sitharaman announced that it had lifted the ban on the acquisition of cars by public agencies and that it had permitted an extra 15% depreciation on cars obtained from now on.