Economics and cars
People say , cars are nothing but a medium to get from one point to another . I tend to disagree..........the Indian auto industry is the 4th largest country in terms of sales. Being an Indian , a car is a status symbol an essential commodity. To get right to the jist of the article , the Indian auto indusry is going through a slow down due to the government norms and also the economic status of the people of India, majority of the population comprises of the youth. The population of India is 1,366,417,754 and to provide everyone with a job is tough, owing to which there are no jobs availiable in the market and as it goes , no job , no money , no car. People are reluctant on spending more and buying a car or anything expensive for that matter. India's major players in the market such as Maruti Suzuki , Tatas and Mahindras have cut down their production. India's economy is facing a slowdown. It grew at 5% in the quarter ending June 2019 - its lowest in five years. This - along with a drop in private investment and a banking crisis that has made it hard to access credit - has weakened consumer demand.Small and medium businesses - thousands of ancillary units that supply to the big manufacturers - have been hit the hardest , daily wage labourers are the most vulnerable.Auto executives have been demanding tax cuts and easier access to financing for manufacturers, sellers and consumers. The government recently announced a slew of measures - this includes a delay in increasing the registration fees for new vehicles and asking banks to lower interest rates on loans for cars and two-wheelers.