New Delhi: The economic slowdown in the country has affected the auto industry the most. Millions of jobs have been lost in this sector. The industry has asked for a relief package from the government. But K.V. Kamath, chairman of the New Development Bank (BRICS Bank), which is considered the father of private sector banking, defended the government on the issue, saying that the slowdown is global and the reason for this is something else. He said, the slowdown in the automotive industry in India has been described by Kamath as a problem not only of India but of the whole world.
Kamath said that in China alone, sales of motor vehicles have fallen by 15 percent. In a city like Shanghai where most motor vehicles are purchased, there has also been a decline. According to him, this is because the interest in private vehicles in the new generation is declining. He said, the new generation is more like to walk through public transport.
He is more interested in listening to his favorite music on mobile while walking in a metro or bus or taxi, chatting or sending emails and so he doesn't want to bother driving himself for long distances. The overcrowded jams on roads in cities, long distances from home to work and the growing problem of parking are also alienating people from keeping their own vehicles and driving them. Governments and local administrations have imposed several restrictions on the operation of private vehicles due to rising vehicle pollution, so people are also preferring public transport more.
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