Auto industry leaders meet FM, seek stimulus package to spur demand

According to a source, the government wanted to understand from the industry about the reasons of the ongoing slump in demand

Automakers, who are facing the worst slowdown in a decade, asked for a stimulus package, including GST reduction, more liquidity and relaxation of credit facilities for retailers, in a meeting with Finance Minister Nirmala Sitharaman on Wednesday. The industry warned that the slowdown could lead to immediate job loss if no steps are taken.

This is the first meeting the auto industry had with policymakers after the companies have been witnessing steady decline of sales for more than 18 months now.

However, no concrete proposals came out of the hour-long meeting, which saw participation from R C Bhargava, chairman at Maruti Suzuki,