‚Äč

No slowdown in auto sector: Traders body CAIT says industry making hue & cry to get package from government

The auto industry has been attributing the sales downturn to several factors like high GST (Goods and Services Tax) rates, farm distress, stagnant wages and liquidity constraints.

By: | Published: September 17, 2019 2:35 PM

Traders body CAIT on Tuesday said there is no slowdown in the domestic automobile sector and the industry is making hue and cry only to get a package from the government. The auto industry has been attributing the sales downturn to several factors like high GST (Goods and Services Tax) rates, farm distress, stagnant wages and liquidity constraints.

"There is no slowdown in the domestic automobile sector. They are saying this to get a package from the government," Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal told reporters here. Citing an example of new vehicle launches, he said companies have received huge number of bookings, which do not reflect any slowdown in the sector.

Talking about recent festival sales announced by global e-commerce firms like Amazon and Flipkart, Khandelwal demanded immediate action from the government to ban these mega sales. He claimed that such firms are violating foreign direct investment (FDI) norms in the e-commerce sector.

"If the government does not take action, we will approach the court," he said. He also said these e-commerce companies are allowed to do only B2B business but they are indulging in a big advertisement campaign."These companies are not doing business, this is the business of valuation. They should give details of top 10 vendors in the last five years," he said. He also said interest rates are high in India and global firms get loans at cheap rates.

Do you know What is Anti-Lock Braking System, Power Steering? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Get the latest cars price and upcoming bikes price in India exclusively at Financial Express. Stay tuned for new cars and bikes reviews, follow us on twitter, Facebook and subscribe us on YouTube for latest auto news.

Next Stories
1KTM 790 Duke India launch on 23 September: Most powerful KTM in India!
2Maruti Suzuki’s Japan-India Institute for Manufacturing, Gujarat records 100% placement
3Harley-Davidson rider fined for playing music: Delhi Police say bike has ‘illegal’ panniers & music system