Nitin Gadkari admits slow down in the auto industry and offers to recommend a reduction of GST for hybrid vehicles: Nitin Gadkari, Minister of Road Transport and Highways today acknowledges slowdown in the auto industry in India. Speaking at SIAM or Society of Indian Auto manufacturers conclave in Delhi he said he would recommend a reduction of GST of hybrid vehicles to the finance ministry. Nitin Gadkari also confirmed that there is no plan to ban petrol and diesel vehicles in India. After the minister's speech, the Nifty Auto Index rose by 1.5 % when the overall market was down more than 3 % now.
What Nitin Gadkari predicted in 2017 came true to the auto industry: In 2017, the Road Transport and High ways minister Nitin Gadkari said that the auto industry would be going through a rough phase if there is no switch over to electronic vehicles. Also, the GST on electric vehicles was reduced by the government. But as he said then, many sources confirm that the auto industry is in very bad shape now.
FADA confirms worst slow down in auto industry: FADA or the Federation of Automobile Dealers Association during its second auto conclave in New Delhi today said that the manufacturers reflect the dull mood prevailing due to one of the worst slow down in Indian auto industry. Its president Ashish Harsharaj Kale expresses concern on the piling inventory at dealerships which are facing a severe crunch in customer footfalls for more than a year now.