According to finance minister Nirmala Sitharaman the drop in car sales is due to the rise in popularity of app based cabs. She said that people nowadays prefer to use these cabs instead of buying their own cars. According to her millennials do not want the commitment of buying a car and instead want to use these app based cabs to make things easier for themselves. After all buying a car is not just an investment but cars also need to be maintained and taken care of.
According to Sitharaman the government led by the Prime Minister modi has done a great deal in enhancing the economy. She has said that the economy of india is projected to be a $5 trillion economy in the next 5 years in spite of a domestic and global slowdown. As far as the slowdown in sales and the loss of jobs in the automobile sector she said that as a counter measure government departments have been allowed to buy new cars.
Automobiles purchased till March 31 next year will be able to avail the benefit of additional depreciation of 15% with total depreciation of 30%. Other than this BS-IV vehicles which are bought till march 31 next year will remain in use for the entire registration period.
IMF projected India's growth rate at 6.1% in 2019 The IMF on Tuesday slashed India's GDP growth projection for the year 2019 to 6.1 per cent, which is 1.2 % down from its April projections. The International Monetary Fund (IMF) in April said India will grow at 7.3% in 2019. However, three months later it projected a slower growth rate for India in 2019, a downward revision of 0.3%.
- IMF projected India's growth rate at 6.1% in 2019
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