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Demonetisation: Auto industry gears up for slowdown as footfalls fall and 2-wheeler sales stall

first_imgOn November 8, 2016, Prime Minister Narendra Modi announcement that the Rs 500 and Rs 1000 rupee notes will cease to be legal tender from midnight. This sent the nation in a tizzy. Some called it a big move towards curbing black money, corruption and terror, some hailed it to be terrible farce. Love it or loathe it, but you can’t get away from it. Such is also the case of the auto industry. So how will, or how has, the demonetisation affected this particular industry?Also Read:Toyota working towards increasing sales of hybrid vehicles in IndiaFirst and foremost, the ones primarily affected are the two-wheeler manufacturers. A dealer of a prominent motorcycle manufacturer told us that most of their sales come in the form of cash. This mainly comprises of entry level two-wheelers sporting a pricetag of upto Rs 65,000. This segment can also be hailed as the ‘bread and butter’ segment on which most manufacturers rely. This segment relies very little on finance and seem to have been hit the hardest. Two-wheelers above this price bracket move into the ‘financed’ lot and hence are not affected that much by huge margins. The only catch here is the fact that the use of cheques and plastic money in making the down payments has seen a rapid increase.Also Read:Corolla, Toyota’s car for the masses, turns 50As far as four-wheelers are concerned, the problem isn’t that serious. According to a prominent web portal, the research of new and used cars dropped sharply by up to 30 per cent thus indicating a slow down. However, dealers claim that although there have been problems in customers being able to make the down payment, thanks to flexible finance options, things have not gone out of hand. This does not come as a surprise as up to 80 per cent of the vehicles sold in our country are financed.advertisementAlso Read:Bajaj Chetak to make a return as a premium scooter?But the rural market is where the damages are more prominent thanks to the fact that it is mostly cash driven. Considering that 35 per cent of the total car sales and 50 per cent of two-wheeler sales are rural market driven, the industry is going to witness a slowing down and there is likely to be a long-term damage to the industry due to the government’s demonetisation move.Also Read:Maruti Suzuki to soon introduce ISOFIX mounts on the CiazLast, but not the least, the used car market has also witnessed a sudden slump. While exact figures are not available, the used car market in mostly cash driven. Used car dealers have reported lower foot falls and are offering heavy discounts to move their existing stock. Overall, there is bound to be a negative effect on the auto industry due to demonetisation. The exact damage done to the industry will be evident when the official sales figure come out and a month-on-month comparison is done. Stay tuned.Also Read:Upcoming launches: New cars that will be launched in India by March 2017last_img read more

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Tata Trusts to train 1 lakh youths annually on various skills

first_imgGuwahati, Dec 12 (PTI) Philanthropic organisation Tata Trusts today said it will reach its target of training one lakh youths annually on various vocational skills across the country after two years.”Last year, we had fixed a target to train one lakh youths nationally every year on various skills. However, we could train only 20,000 in the first year,” Tata Trusts Head (North East) Biswanath Sinha said at a press conference here.The organisation is working with government and also runs its own 12 institutes in different states, he added.”Going forward, we will have more associations with the government.Also, our own institutes will increase. In another two years, we will reach the target of training one lakh youths every year. In any case, it was a five-year target,” Sinha said.Of the 20,000 it trained in the past year, around 1,000 were from the North East, he added.Tata Trusts is also helping entrepreneurs to start their own small businesses, mostly in rural areas.”We also set a target to start 5,000 micro and small enterprises comprising first generation entrepreneurs every year. In the first year, we helped create 2,000 such units across the country, including 50 in Assam,” Sinha said.Except Sikkim, Tata Trusts is currently present in all North Eastern states working on various fields to improve the livelihood of people, primarily in rural and semi-urban areas.”In Assam, Tata Trusts has touched over 30,000 households in 15 districts through projects in agriculture, skill building, education, sports, water and sanitation, health and nutrition among others,” Tata Trusts Regional Head (Assam) Partho Patwari said.advertisementThe focus areas of the initiative for the region are agriculture and horticulture, household-level piggery enterprise, formation and strengthening of community institutions, skill building, education, water and sanitation, he added.Nationally, Tata Trusts has set a target to positively and sustainably impact 10 crore lives by 2021. PTI TR JMlast_img read more

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