Last decline in sales of passenger cars, Congress reported a matter of concern for the economy
Passenger car sales fall sharply: The Congress on Wednesday claimed that there has been a huge decline in sales of passenger cars, which is a matter of concern for the Indian economy. Party General Secretary Jairam Ramesh shared a news on the social media platform ‘X’ stating that the share of passenger cars in the sales of total vehicles in 2018-19 was 65 percent, which has now come down to only 31 percent.
The industry is once again ringing the alarm bell: While sharing the news, Ramesh wrote that the Indian industry is once again ringing the alarm bell. This time the reason is a decline in motor vehicle sales. Passenger cars were 65 percent in the total vehicles sales in 2018-19. Now it has come down to only 31 percent. At the same time, the share of SUVs and multipurpose vehicles has increased to 65 percent.Also Read: Kia Carens: This family car, brother, crossed 2 lakhs in 39 months
Car sales are increasing very little: He wrote that the sale of cars has long been considered an indicator of the health of the Indian economy, but in recent years there has been a break in this regard. Despite the growing GDP (gross siege product) growing at a moderate rate, car sales are rarely increasing. The Congress General Secretary said that buyers are now turning to ‘second hand’ car market instead of new cars. Motor vehicle manufacturers are now producing keeping export markets in mind instead of domestic markets.Also Read: GST on Used Cars: GST on the sale of old car, know what experts say
Ramesh said that what kind of picture of the Indian economy comes out with this trend? Major Indians are out of the consumption economy. About 88 percent of Indian families earn less than 12 lakh rupees annually. Inequality is increasing. The rapidly growing sales of expensive SUVs and the sluggish sales of common passenger cars indicate that a large part of the economic growth is limited to the affluent class only. Income is not increasing income from inequality and the investment environment is weak. (Language)
Edited by: Ravindra Gupta
