Congress leader Abhishek Manu Singhvi has mocked Finance Minister Nirmala Sitharaman for her Ola, Uber economy remarks asking why the Centre initially projected the GDP growth at 7.3 per cent if millennials were responsible for the slowdown in the auto sector and the economy as a whole.
In a series of tweets, Singhvi asked Prime Minister Narendra Modi how he would fulfil the dream of achieving 5 trillion economy when the youth in the country was unemployed. Lashing out at PM further, he asked if the Centre would still hold the Opposition responsible for the economic debacle.
Taking a jibe at Nirmala Sitharaman, Singhvi said whatever wrong happened others were to be blamed for it while Modinomics had to be credited for the good. The statement was in line with Sitharaman’s press conference where she said one reason for the sluggish growth of the automobile sector was millennial’s dependence on cabs. Singhvi also questioned the very purpose of the present regime asking them what they were elected for by the public.
On Tuesday, Nirmala Sitharaman in Chennai said the sluggish auto sector growth was due to Millenials extreme reliance on Ola and Uber cabs. Hitting a six-year low, the economy has narrowed down to 5 per cent with the auto sector being the worst hit. The auto industry is also a major economy booster with more than 30 per cent contribution to GDP.
Initially, the profit percentage in auto sector had declined to 36 per cent, but SIAM (Society of Indian Automobile Manufacturers) in its latest report has revealed a 41% decline in auto sales. The passenger car sales have declined the most followed by commercial vehicles.
As compared to last year’s 20,000 unit sales in August, this year the number has reduced to 18,000 units in the same month. On the crisis in the auto sector, the Finance Minister said the Centre was churning out a plan to revive sales underlining deduction in GST demanded by carmakers. The auto industry comes under 28% GST slab and it’s expected to be placed in the lower slab once the Centre takes the call on low GST following demands by manufacturers to boost sales.