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India’s car sales slump
September 15, 2019 00:05 am
India’s auto industry has borne the brunt of a year-long liquidity squeeze that has triggered large-scale job losses. The auto sector usually enjoys a spending boost ahead of the country’s annual Navratri and Diwali festivities, but in August production was cut by almost 30 per cent from a year earlier, according to the Society of Indian Automobile Manufacturers (SIAM). “The automotive industry employees 37 million people directly and indirectly,” SIAM President Rajan Wadhera said. SIAM estimates that the auto sector has already lost 300,000 jobs. “Another million are at risk,” said Wadhera.
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