Overall economic health of Auto industry in India is in slow pace: Nirmala Seetharaman
Reportedly when Finance Minister Nirmala Sitharaman claimed that a preference by millennials for ride-hailing apps was contributing to a painful slump in car sales, it sparked an online backlash from furious youngsters.
They started a campaign using hashtags such as #Boycott Millennials last week to push back against older generations blaming them for today's problems. While data shows firms such as Uber and Ola are popular with younger consumers more comfortable with shared mobility and digital trends, analysts say the auto industry's problems run deeper than that and it is facing more serious bumps in the road.
Even india's richest banker, Uday Kotak, recently said that his son was more comfortable using ride-sharing apps than owning a car.