Indian auto sector sees major downturn

CNC
Added On August 17, 2019

Latest data show India's auto industry is seeing the worst downturn in almost 20 years.
 
Sales across categories including passenger vehicles and two-wheelers were down by nearly 20 percent in July year on year.
 
Sales of domestic passenger vehicles alone fell by more than 30 percent.
 
That's according to latest data released by the Society of Indian Automobile Manufacturers on Tuesday.
 
The fall in car sales comes at a time when the demand for consumer goods is falling in India, a major sign of an economic slowdown.
 
The pace of decline has accelerated in recent months as liquidity crunch in the country's financing sector has dried up lines of credit to both auto dealers and potential car buyers.
 
The downturn has led to massive job cuts in the sector. About 350,000 jobs have been lost so far.