Auto Sales in India Hit Two-Decade Low
Some 15,000 workers have been laid off in recent months as the Indian auto industry continues to suffer — with sales falling nearly 19 percent in July to a 19-year low, according to the Society of Indian Automobile Manufacturers. That plunge was driven by a 31 percent drop in passenger car sales. Another million jobs in the auto components sector are also reportedly at risk, while the industry group is asking the government to fast-track a “revival package.”
Why does it matter? Since carmaking accounts for around half of India’s manufacturing sector, continuing turmoil could seriously affect the country’s GDP.
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