India, one of the largest and fastest-growing economies of the world is facing a massive slowdown. There are various factors at play. One of the major sectors that have seen a constant slump is the automobile sector. Most of the major automobile companies in India such as Maruti, Tata, Toyota and Honda have all witnessed a massive drop in sales.
The Indian Finance Minister Ms Nirmala Sitharaman commented a few days back on the slowing economic growth of India. She pointed out numerous reasons for the phenomenon, but the one that seems to have stuck out among all is her comment on the millennials’ purchase pattern and choices.
She claimed that one of the major reasons behind the slowdown of the auto sector is the millennials’ choice of using Uber and Ola instead of buying cars. She claimed that the millennial generation is least bothered to purchase cars and are happy to use the ride-hailing services instead of purchasing cars.
This comment has been faced with much criticism and has also been trolled over the internet by the millennials in particular. Following the comment, Ms Sitharaman slashed corporate tax to help revive the economy. This had a positive effect on the economy and it saw a huge surge in the last few days.