On Tuesday, Sitharaman, at a press conference, had said: "The automobile and components industry has been affected by BS6 and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile."
The auto industry has witnessed 2.15 lakh job losses due to the slowdown. Nearly 300 dealership outlets have vanished, resulting in two lakh people losing jobs. Another 15,000 job losses have been reported by original equipment manufacturers (OEMs), SIAM said.
The Society For Indian Automobile Manufacturers (SIAM) has welcomed the central government's move to lower the import duty on CKD and SKD of electric vehicle components. The notification issued by the government earlier this week stated that the parts and components for electric vehicles imported in the country will be lowered by 10 to 15 per cent.