What's new

Millennials prefer Ola, Uber to new cars: Indian Finance Minister on auto crisis

M

MP2011

Senior T20I Player
Joined
Aug 22, 2018
Runs
18,787
Post of the Week
1
Millennials prefer cabs over buying new cars, Nirmala Sitharaman said
Working to solve the crisis in the automobile sector, she added
India's auto sector has seen double-digit fall in sales

Finance Minister Nirmala Sitharaman on Tuesday said millennials' preference for Uber and Ola cabs over committing money to EMIs for new cars had affected the auto sector, which has seen double-digit fall in sales for both two and four-wheeler manufacturers, as well as a 70 per cent drop for truck makers Ashok Leyland. The minister said the centre was actively working to solve the crisis in the automobile sector, which has seen the loss of lakhs of jobs, and was "constantly interacting with different segments" to resolve the issue.

"Automobile sector, in particular, has been affected by several things. These include BS6 (Bharat Stage 6) movement, the registration fee issue that has been deferred till June and the mindset of millennials, who are now preferring not to commit EMIs to buying automobiles but prefer to use Ola or Uber or take the metro," Ms Sitharaman said.

"All of us are constantly interacting with different sectors and economic segments... not just in Delhi but taking inputs from around the country," the minister, in Chennai to highlight achievements of 100 days of the Narendra Modi government's second term in power, added.

The Congress, in a pointed reply to Ms Sitharaman's speech, asked if she also linked a decline in bus and truck sales to changes in behaviour of millennials.

https://www.ndtv.com/india-news/nir...is-for-new-cars-2098704?pfrom=home-topstories
 
Kudos to our 'FM'.

Jumlanomics at its best. No wonder Indian economy is in gutter today precisely due to these clueless and good for nothing morons!
 
Less sale of new cars may be bad for auto and related sectors, but is good for the already congested cities. A car is not an investment and is a waste of good money if public transport is available. May these car manufacturers keep facing losses.
 
Everything ailing our economy according to Feku gang is cyclical or what they inherited from Congress. However our blind electorate still trusts their excuses.
 
He may have a point there if Indian millennial behavior is similar to the US millennials
 
CricketCartoons said:
Less sale of new cars may be bad for auto and related sectors, but is good for the already congested cities. A car is not an investment and is a waste of good money if public transport is available. May these car manufacturers keep facing losses.
Click to expand...
That also leads to tremendous amount of job losses. Actually it already has.
 
She is partially true. Indian cities are so congested that driving within the city limits is now a nightmare experience. As such Uber and Ola and other car sharing platforms have deeply penetrated the market and it is putting customers in two minds whether they really need a car at this point.

However that does not really explain why the car sales is also slumping in non urban areas like towns and villages. The only reason could be that we are in some form of recession to lead to that kind of consumer behaviour.
 
RajBan said:
She is partially true. Indian cities are so congested that driving within the city limits is now a nightmare experience. As such Uber and Ola and other car sharing platforms have deeply penetrated the market and it is putting customers in two minds whether they really need a car at this point.

However that does not really explain why the car sales is also slumping in non urban areas like towns and villages. The only reason could be that we are in some form of recession to lead to that kind of consumer behaviour.
Click to expand...
Demonetization and haphazardly launched GST (lol at midnight session for its launch) have far more devastating effects on Indian economy than what Feku gang had envisaged.
 
MP2011 said:
That also leads to tremendous amount of job losses. Actually it already has.
Click to expand...

Not my problem. I am just happy to see less cars on the streets. Those who lose jobs should improve their skills and seek jobs elsewhere. At the least they can run a tea and pakora stall which earns enough to survive.
 
CricketCartoons said:
Not my problem. I am just happy to see less cars on the streets. Those who lose jobs should improve their skills and seek jobs elsewhere. At the least they can run a tea and pakora stall which earns enough to survive.
Click to expand...
Well said.

Who knows there is a PM material hidden amongst them....
 
:)) read this hilarious news this morning.

I guess rural millennials are also hiring those Olas. Motorcycle sales in rural India have hit an all-time record low. But these clowns keep coming up with this rubbish.

A few days back that Kotak dude said something similar. And the justification he gave was that his wealthy son doesn't aspire for a car but prefers an Uber. And somehow he was able to extrapolate his wealthy family experience to the rest of India.

At least we know who Mr Kotak voted for.
 
pillionrider said:
A few days back that Kotak dude said something similar. And the justification he gave was that his wealthy son doesn't aspire for a car but prefers an Uber. And somehow he was able to extrapolate his wealthy family experience to the rest of India.

At least we know who Mr Kotak voted for.
Click to expand...
Most of these big businessmen are complete sellouts to this Feku gang. They know where their best interests lie. Let the country go to dogs which it has, literally.
 
And the justification he gave was that his wealthy son doesn't aspire for a car but prefers an Uber
Click to expand...
And this guy thinks we are supposed to believe him, lol!

Will utter and do anything to be in good books of Feku.
 
That economy is in a bit of mess is a given but all those who are ridiculing Nirmala don't have much sense of global trends and behaviors.

That car sales is down because of Uber/Ola is something that's happening anywhere, but to develop an opinion you guys gotta read regional and global newspapers. Do you know that -
- In China auto sales fell for the 14th time in 15 months, slumping 9.9% in August.
- In Indonesia, car sales slid 14% in the first six months (and the slide is getting stepper)
I have specifically picked up these 2 countries because in Asia, these 3 countries are the hubs of all kinds of startups including ride sharing ones, thanks to Uber/Didi/Gojek.

Even outside Asia, you should know that , car sales in Britain have declined 18% for this year compared to last, and this has been the trend since 2017. And if you think its huge, then consider this. Consumers in Turkey have cut their car purchases by 60% since 2018!

But then you are allowed to have your own opinions but its better to have an informed opinion rather than a popular one.
 
happydavy said:
That economy is in a bit of mess is a given but all those who are ridiculing Nirmala don't have much sense of global trends and behaviors.

That car sales is down because of Uber/Ola is something that's happening anywhere, but to develop an opinion you guys gotta read regional and global newspapers. Do you know that -
- In China auto sales fell for the 14th time in 15 months, slumping 9.9% in August.
- In Indonesia, car sales slid 14% in the first six months (and the slide is getting stepper)
I have specifically picked up these 2 countries because in Asia, these 3 countries are the hubs of all kinds of startups including ride sharing ones, thanks to Uber/Didi/Gojek.

Even outside Asia, you should know that , car sales in Britain have declined 18% for this year compared to last, and this has been the trend since 2017. And if you think its huge, then consider this. Consumers in Turkey have cut their car purchases by 60% since 2018!

But then you are allowed to have your own opinions but its better to have an informed opinion rather than a popular one.
Click to expand...

Come on. Your words does not make any sense and is not at all helpful. You are asking folks to be rational and objectively unbiased. That is an inconvenient option for most as it deprives them from the right to ridicule based on political affiliation, cultural background or religious belief. Do most people really want that? I am sure it's a resounding no.
 
This is our 'Finance Minister'. I think she's also not qualified like Modi. What a letdown! Indian economy is bleeding and there's so much inaction. What a time to live in my country!
 
CricketCartoons said:
Not my problem. I am just happy to see less cars on the streets. Those who lose jobs should improve their skills and seek jobs elsewhere. At the least they can run a tea and pakora stall which earns enough to survive.
Click to expand...

The global recession is good for the environment. People going back to farming, living on a little, reducing their carbon footprint, can't wait for it to actually happen.
 
pillionrider said:
:)) read this hilarious news this morning.

I guess rural millennials are also hiring those Olas. Motorcycle sales in rural India have hit an all-time record low. But these clowns keep coming up with this rubbish.

A few days back that Kotak dude said something similar. And the justification he gave was that his wealthy son doesn't aspire for a car but prefers an Uber. And somehow he was able to extrapolate his wealthy family experience to the rest of India.

At least we know who Mr Kotak voted for.
Click to expand...
You know whats more hilarious? Their followers asking people to be rational while criticizing this govt. A big joke if ever there was. We should not criticize them even if they unleash that biggest scam ever on us.

Almost entire leadership of BJP owe their careers to being irrational while being in opposition.

They even manage to spin it towards religion as if they are convinced that anyone who is criticizing this Feku govt is somehow a Muslim. Like masters, like slaves....

Religious bigots these guys are....
 
As for Nirmala & his predecessor, late Arun Jaitley, (led by our 'super' FM, about whom PC once said that his knowledge of economics can be summed up on a postage stamp) these 2 have proved to be unmitigated disasters for Indian economy.

Hard work Vs Harvard....
 
Someone wrote this,

Every single Diwali since 2014 has been progressively more “ thanda “. I have compiled my own index, in terms of gifts that we exchange with friends on this joyous occasion. So it comes as a genuine surprise to me how the official acknowledgment that there is an economic slowdown has come only post Budget. There is a celebration of 100 days. All of governance has become a procession of PR events and glitzy messaging. Governance is serious, not always glamorous, stuff. For five years, effective mentoring of the economy has been the least of anyone’s concerns. The results are showing.


How true!! All we see big glitzy events to celebrate anything and everything. When your only agenda is to win elections and punish opposition leaders, these things are to be expected.
 
happydavy said:
That economy is in a bit of mess is a given but all those who are ridiculing Nirmala don't have much sense of global trends and behaviors.

That car sales is down because of Uber/Ola is something that's happening anywhere, but to develop an opinion you guys gotta read regional and global newspapers. Do you know that -
- In China auto sales fell for the 14th time in 15 months, slumping 9.9% in August.
- In Indonesia, car sales slid 14% in the first six months (and the slide is getting stepper)
I have specifically picked up these 2 countries because in Asia, these 3 countries are the hubs of all kinds of startups including ride sharing ones, thanks to Uber/Didi/Gojek.

Even outside Asia, you should know that , car sales in Britain have declined 18% for this year compared to last, and this has been the trend since 2017. And if you think its huge, then consider this. Consumers in Turkey have cut their car purchases by 60% since 2018!

But then you are allowed to have your own opinions but its better to have an informed opinion rather than a popular one.
Click to expand...

:)) When you come out in public asking people to have an informed opinion, the least you should do is inform yourself and not toe your party line. First find out why sales are dropping in those countries and also what's been happening in India especially in regard to NBFC and everyone generally having lesser spending ability.

Economy is in a bit of a mess, it seems. How generous of you.

Yeah, I assumed you're a BJP supporter. Tell me I'm wrong.
 
Those who say 'economy is in a bit of mess' forget that auto sector isn't the only one which is facing recession.

Govt's own NSSO's leaked report told us that unemployment is at its worst in last 4.5 decades. What happened next? The guy was made to resign... This is how these liars beyond belief operate and fool gullible people, some of whom could be found on this thread as well.
 
Economy is definitely in slowdown and BJP ministry lacks ability, talent, vision.

But I am happy that sale of cars is coming down (and not just in India), roads are too clogged and environment too polluted to add gazillion more cars. Need better public transport all over the country, hope more Indians try out public transport or carpooling. I have been using metro, local trains and buses in my stay in Chennai and it is very smooth once you get to know all the routes, just the initial days might be a hassle. I don't even need Ola, used their service only once for emergency reasons. I don't think I will invest in personal automobile or even two-wheeler, public transport is the way to go at least for the young and healthy folk. Let us be the change we want to see in the world as MK Gandhi said.
 
The FM is only partially correct. There are multiple reasons for the auto sector slowdown.

1. BSVI norms will come into force in april 2020. Most of the present models are not BS6 compliant and customers dont want to be stuck with a new car that has no resale value.

2 . Supreme court banned all BS6 not compliant vehicles from NCR in 2018. Thats one of the biggest vehicle sale regions where one cannot sell BS6 not compliant vehicles.

3. GST means that the excise and octroi are gone. So a truck which was usually stuck at intra state check posts for 48hrs or more at a time now can do more trips and that has led to better utilization of existing transport fleet and hence fall in truck sales.

4. Most state govts are now buying electric public buses, so the sale of diesel buses are down.


5. Ofcourse Ola Uber are a reason for people not buying that second or third car. Thats true. Lots of young office goers prefer it over buying a new two wheeler or car.

Nirmala Sitharaman is no FM.Yes she is a sincere hard working minister. But her socialist leanings were too obvious in the budget. Piyush Goyal would be a better choice. Swamy wont get a chance but would want to see him as FM once to see how good or bad he is
 
Last edited:
GoUgandaCranes said:
The global recession is good for the environment. People going back to farming, living on a little, reducing their carbon footprint, can't wait for it to actually happen.
Click to expand...

Bro living in Scandinavian countries that’s easy to say because of higher efficiency and practical knowledge imparted to each citizen, also lets not forget the ratio of resources : people in first world countries, many people in third world are already living at minimal standards(India is 1.3 B).
 
cricketjoshila said:
The FM is only partially correct. There are multiple reasons for the auto sector slowdown.

1. BSVI norms will come into force in april 2020. Most of the present models are not BS6 compliant and customers dont want to be stuck with a new car that has no resale value.

2 . Supreme court banned all BS6 not compliant vehicles from NCR in 2018. Thats one of the biggest vehicle sale regions where one cannot sell BS6 not compliant vehicles.

3. GST means that the excise and octroi are gone. So a truck which was usually stuck at intra state check posts for 48hrs or more at a time now can do more trips and that has led to better utilization of existing transport fleet and hence fall in truck sales.

4. Most state govts are now buying electric public buses, so the sale of diesel buses are down.


5. Ofcourse Ola Uber are a reason for people not buying that second or third car. Thats true. Lots of young office goers prefer it over buying a new two wheeler or car.

Nirmala Sitharaman is no FM.Yes she is a sincere hard working minister. But her socialist leanings were too obvious in the budget. Piyush Goyal would be a better choice. Swamy wont get a chance but would want to see him as FM once to see how good or bad he is
Click to expand...

This! Bravo.

The "head in the sand" approach followed by some of the posters in this thread is unbelievable. Most of the countries are facing the risk of recession and I am glad we have the current govt instead of INC/3rd front - they would play to gallery by printing more and irresponsibly increasing public spend leading us towards hyperinflation that would be LOT LOT worse
 
I can understand the reason for 4 wheeler sales to be down, but two wheeler sales down is absolutely unacceptable because we don’t have first world public transport and neither is every city Mumbai or Delhi.
 
pillionrider said:
:)))

Gadkari must be tired of the number of times he's had to do this. But as long as his pockets get deeper, guess he's happy :smith
Click to expand...
True.

He isn't too far off from Mahajan as far being the most corrupt minister ever. But for Feku gang, he is their best minister. Lol at their standards.
 
JaDed said:
Bro living in Scandinavian countries that’s easy to say because of higher efficiency and practical knowledge imparted to each citizen, also lets not forget the ratio of resources : people in first world countries, many people in third world are already living at minimal standards(India is 1.3 B).
Click to expand...

India has enough resources that if shared equally or shared without such parity, all Indians would have a very decent lifestyle. We got colonized by the Britishers because we had a lot to offer, we can manage.
 
Parking is a huge issue in India. Why buy a car and worry about the parking space when you have ola and uber at your finger tips? A couple of my friends bought cars and they do not use them. They hire ola cabs. Some of my relatives simply use cabs and uber.
 
I think its one of the reason but a minor one behind the slowdown, atleast in the bigger cities. Most of my workmates don't own one although they earn in six digits monthly because of the traffic, bad roads,lack of parking space. I've almost permanently parked my car in the basement apart from the occassional airport runs. Also, 2 wheeler rentals like vogo, bounce etc are flourishing in the metros.
However, some contrasting stats despite of the slowdown: Bangalore
"What’s even more startling is that in 2019, almost 50,000 vehicles were registered monthly; with 35,000 two-wheelers, and 8,000 cars being registered per month."
https://www.thenewsminute.com/artic...kh-vehicles-too-many-one-ways-and-more-108409
 
Last edited:
MP2011 said:
True.

He isn't too far off from Mahajan as far being the most corrupt minister ever. But for Feku gang, he is their best minister. Lol at their standards.
Click to expand...

Gadkari is one of most efficient ministers in the Modi govt. I won't deny or confirm that he is corrupt as I don't have much information there. But the amount of road work and the pace of work during Gadkari:s tenure is quite good. The previous government just pales away if you have to compare.
 
RajBan said:
Gadkari is one of most efficient ministers in the Modi govt. I won't deny or confirm that he is corrupt as I don't have much information there. But the amount of road work and the pace of work during Gadkari:s tenure is quite good. The previous government just pales away if you have to compare.
Click to expand...
lol at him being most efficient. If he is most efficient, what would you call others? Are you even aware of this?

https://www.ndtv.com/india-news/stop-unplanned-road-building-pms-office-tells-nhai-report-2092733

Thats the problem with people like you who'll just sing peans of this most inefficient dispensation without even knowing the facts.
 
lol at her being sincere and hard working.

This problem is not unique to her alone. Almost entire dispensation is replete with such clueless creatures constantly sucking blood out of my beloved country. The ones who'll not answer what is being asked, rather spin it to something diametrically opposite to what was being asked.
 
You must log in or register to reply here.

Similar threads

FearlessRoar
Francois Bayrou named as France's new prime minister after Michel Barnier's resignation [Post Updated #52]
Replies
51
Views
2K
FearlessRoar
FearlessRoar
M
Covid "Act Of God", We May See Economy Contract: India Finance Minister, Nirmala Sitharaman
2
Replies
109
Views
3K
MP2011
M
M
"If Auto Sector Is In Crisis, Why Traffic Jams?": BJP MP's Bizarre Claim
Replies
26
Views
1K
Abdullah719
A
MenInG
The Indian migrant workers crisis during the Coronavirus Pandemic
2
Replies
87
Views
5K
OMB
OMB
A
Customs duty on import of electric cars cut to 25%
Replies
0
Views
546
Abdullah719
A
Back
Top