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India’s Automobile Dealers Expect Partial Turnaround Leading to Job Regeneration

At present, the sector suffers from a sales downturn due to several factors like high GST rates, farm distress, stagnant wages and liquidity constraints

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India, Automobile, Dealers
The sector has witnessed around 2 lakh job losses due to the sales slowdown. Pixabay

Faced with a consumption slowdown along with the high cost of finance, the country’s automobile dealers expect a partial turnaround during the upcoming festive season which will also lead to job regeneration.

The sector has witnessed around 2 lakh job losses due to the sales slowdown.

At present, the sector suffers from a sales downturn due to several factors like high GST rates, farm distress, stagnant wages and liquidity constraints.

Besides, inventory pile-up and stock management of unsold BS-IV vehicles have become a problem for the sector.

India, Automobile, Dealers
Faced with a consumption slowdown along with the high cost of finance, the country’s automobile dealers expect a partial turnaround during the upcoming festive season. Pixabay

“We are seeing some recovery in the jobs that were lost,” Federation of Automobile Dealers Associations (FADA) President Ashish Harsharaj Kale told IANS.

“We hope the festive season will be better in terms of sales and this will have a positive effect on job recovery.”

Additionally, the industry body expects the latest government measures to kick-in and reverse the ongoing slowdown.

To help revive the sector, Finance Minister Nirmala Sitharaman has announced several steps.

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These includes allowing government departments to buy new vehicles, automobiles purchased till March 31, 2020 to avail the benefit of additional depreciation of 15 per cent, with total depreciation up to 30 per cent, and BS-IV vehicles bought till March 31, 2020 would remain operational for their entire registration period.

On Sunday, almost all major automobile makers in the country reported a huge decline in domestic sales across segments like passenger, commercial and two and three-wheeler vehicles. (IANS)

Next Story

YouTube Rolls out ‘YouTube Charts’ in India to Empower Local Artists

YouTube Charts are also available within YouTube Music, including “Top 100” most played songs and “Top 100” music videos globally and locally and “Top 30 Trending” chart

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youtube
FILE - Signage is seen inside the YouTube Space LA offices in Los Angeles, California, Oct. 21, 2015. VOA

Google-owned YouTube on Monday rolled out “YouTube Charts” in India that will showcase country-specific trending music lists, top songs, artists and music videos at one place.

Now available in 56 countries alongside the global chart, “YouTube Charts” has more than two billion global users and 265 million monthly users in India.

“We’ve heard loud and clear from Indian artists, labels and fans that they want a single source of truth to see what’s hot and popular in the world of music. I’m incredibly excited to bring YouTube charts to India,” Lyor Cohen, Global Head of Music at YouTube, said in a statement.

Over the last year, many Indian artists including Guru Randhawa, Badshah, Arijit Singh and Neha Kakkar have reached the YouTube music country charts in the UK, Australia, New Zealand and Canada along with the global chart.

youtube, virtual makeup
FILE – Silhouettes are seen in front of a Youtube logo, in this picture illustration taken in Zenica, Oct. 29, 2014. VOA

“Indian artists have truly gone global. Week to week in 2019, on an average 20 per cent of the entries on the ‘Global Top Songs’ chart have featured Indian artists. Their popularity outside India is a testimony of YouTube’s massive global reach and opportunities it offers to artists,” elaborated Pawan Agarwal, Head of Music Partnerships, YouTube & Google Play, India and South Asia at YouTube.

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The YouTube Charts include trending lists, top songs, artists and music videos.

YouTube Charts are also available within YouTube Music, including “Top 100” most played songs and “Top 100” music videos globally and locally and “Top 30 Trending” chart. (IANS)