NEW DELHI: Millennials’ preference for ride-hailing services such as Uber and Ola over owning cars, and not high taxes, is among reasons behind India’s slumping vehicle sales.
While automakers have been seeking a cut in tax on vehicle sales to 18% from 28% to boost demand, Sitharaman said: “the mindset of millennials, who now prefer to have Ola and Uber rather than committing to buying an automobile” is part of the reason why sales have been hurt. A study by the Reserve Bank of India in April said the decline in overall four-wheeler sales in the last two years can in part be attributed to the rise of ride-hailing apps.
“What the auto sector really needs to focus on is be aware of some of the structural changes which are happening in front of us.”
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