Vehicle sales dropped 18.70 percent to a 19-year low in July

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New delhi date. August 14, 2019, Tuesday

Automobile sales declined sharply in July. Vehicle sales fell 5.7 percent in July, the lowest in the last five years. As a result of the prolonged recession in the auto sector, about fifteen thousand workers have lost their jobs in the last two-three months, according to a official of the Society of Indian Automobile Manufacturers (SIAM).

According to data released by SIAM, the sales figures for all types of vehicles including passenger and two-wheelers, which stood at 5,2,3 units in July last year, have been reduced to 6,2,8 vehicles in July this year. Earlier, the highest decline in vehicle sales was in December 1, at 8.5 percent.

Sales of passenger vehicles stood at 5,2,3 units in the year-on-year, down 5.7 percent in July of the current year. The decline is also at a low of 5 years. In December, downstream vehicle sales declined by 8.7 percent. Sales of downed vehicles declined for the ninth consecutive month in July.

In addition, sales of two-wheelers were down 5.7 percent to 5,7,8. Sales of commercial vehicles, which stood at 5 units in July 1, were down 5 percent in July of the current year, according to SIAM data.

Data suggest immediate relief from the government is needed. While every effort is being made by the industry to increase sales, it is time now that the government does something urgent, "SIAM Director General Vishnu Mathur told reporters.

In the last two-three months, about fifteen thousand workers have lost their jobs. However most of these were temporary and general types of employees. In addition, one million jobs in the automotive components segment are on the verge of collapse.

He claimed that six dealerships have been shut down across the country due to the slowdown in sales which also claimed two lakh jobs. Earlier, a few segments of the auto sector saw growth in the recession of 3-5 and 4-5. But this time, sales of each segment have been declining.

The auto industry is demanding that measures like reduction in GST rates, vehicle scrapage policy, reforms in the NBFC sector and withdrawal of proposed increase in registration fees be taken.

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