Pitching for a lower GST or a rollback of the cess to pull the automobile industry out of the slowdown, M&M group chairman Anand Mahindra on Wednesday said that a revival of the industry would have a ripple effect on the entire economy.
The domestic auto industry has been in the throes of crisis for almost one year now as the sales are falling month after month, forcing manufacturers to temporarily shut factories and laying of workers.
As many as 3.50 lakh jobs have reportedly been lost in the auto industry since the start of the fiscal.
“I do believe that kick-starting the auto industry with a few short-term measures will serve a greater national purpose,” said Mahindra addressing the company’s shareholders at its 73rd AGM here.
Along with long-term measures, the short-term measures also required that would remove the immediate barriers to making autos affordable, he said.
“The most obvious and welcome first aid would be some temporary relief on the GST front, …