Finance Minister Nirmala Sitharaman, yesterday in a statement, blamed the "mindset of millennials" for the slowdown in the automobile industry as they prefer to travel by app-based cab services instead of buying their own vehicles.
Here's what she said, "The automobile and components industry has been affected by BS6 and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile."
On skidding sales and job losses in the automobile sector, the minister said that the government departments have been allowed to buy new vehicles.
Automobiles purchased till March 31 next year can avail the benefit of additional depreciation of 15 percent with total depreciation up to 30 percent. The passenger vehicle industry suffered its worst-ever monthly sales performance in August. Sales of domestic passenger vehicles plunged 31.6% to 196,524 units from a year earlier, according to data from the Society of Indian Automobile Manufacturers (SIAM).
The finance minister also said that the government is working towards solving all the problems and boosting the sales of the automobile industry.
In an effort to arrest the slowdown in the economy, Sitharaman met representatives of several industries in July to understand the challenges faced by them.
Last month, the government announced several steps, including mandating government agencies and departments to replace old vehicles, increasing depreciation on new vehicles for commercial fleet service providers, urging banks to make auto loans cheaper, and increase credit availability to non-bank lenders, to boost demand.
After this speech targeted at "mindsets of millennials," Twitter exploded with memes and reactions. Hashtags like #SayItLikeNirmalaTai and #BoycottMillennials started trending. Here's bringing to you all the best of the lot!
Looks like, the speech hit the millennials right where it hurts!
Featured Image: Twitter
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