Mumbai: The auto industry has suffered the strongest hit of the ongoing economic downturn in the country. The month of July recorded the biggest decline in sales of trains in the century. It has happened in the form of negative retrenchment. So far 13 lakh people have lost their jobs. According to SIAM, the organization of vehicle manufacturing companies, total sales of vehicles declined by 18.71 percent in July this year as compared to July 2018. A total of 18,25,148 vehicles were sold in the domestic market in July 2019, while the figure was 22,45,223 a year ago.
This is the biggest decline since December 2000. This is the eighth consecutive month that the total sales of all the semen vehicles have shown a decline. The entire passenger vehicle sector, including cars, also recorded the biggest decline of the century. Sales of passenger cars declined from 1,91,979 units in July 2018 to 1,22,956 units. Thus, it fell by 35.95 percent.
Earlier in December 2000, car sales had fallen by 35.22 percent. Sales of useful vehicles fell by 15.22 percent and van sales by 45.68 percent. Releasing the sales figures, SIAM Director General Vishnu Mathur, quoting data from various figures, said that the auto industry has lost nearly 13 lakh jobs due to the one-year slowdown. He said the worst impact has been on the companies manufacturing parts of the vehicles. According to reports, about 11 lakh people have been employed in the sector. Transport organizations have also banned the purchase of trucks.
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