Crisis in the Automobile Industry
The automotive industry has been facing a slowdown in India. As per Society of Indian Automobile Manufacturers (SIAM) data, there was a 26% dip in car sales in May 2019 versus last year, and consequently a nearly 8% fall in overall vehicle production. The current sales of vehicles have been the lowest in the last 19 years while the leading automobile manufacturers announced a sharp decline of up to 50% in their domestic sales in July 2019.
Effect of Automobile Crisis
- Large Scale Layoffs: It is estimated that automakers, auto part manufacturers, and dealers taken together have laid off about ....
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