Yashwant Sinha Reacts To FM's Statement On ‘millennial Mindset’


Yashwant Sinha reacted to the Finance Ministers statement on millennial mindset affecting the automobile sector, he asked her why were the sales of trucks low

Written By Varsha Chavan | Mumbai | Updated On:
Yashwant Sinha

Former Bharatiya Janata Party (BJP) leader and Minister of Finance and External Affairs Yashwant Sinha on Saturday responded to the statement made by Finance Minister Nirmala Sitharaman regarding the ‘millennial mindset’ affecting the automobile sector. Sinha questioned the Finance Minister asking her that if the rise of Ola and Uber affected the automobile sector, then why the sales of trucks are on the decline. 

Sinha's reaction

"People in the government are making weird statements. These statements will not lead to the betterment of the economy. But they will definitely affect the government's image. If companies like Ola and Uber caused a drop in passenger vehicle sales, then why is there a slowdown in sales of two-wheelers and trucks?" Sinha said. He further added, "Bihar's state finance minister said there is a recession due to Sawan-Bhado the rainy season. A Union minister is talking about Einstein's law of gravity."

READ | Nirmala Sitharaman: ‘Millennial Mindset’ Affecting Automobile Sector

Sinha also raised concerns about the FM's announcement on organizing a mega-shopping festival in India. "The economies of the UAE (United Arab Emirates) and India are different. India's economy will progress only when farmers in areas like Mandsaur in Madhya Pradesh progress," he said. "We should have grown at a rate of at least eight per cent. But in the first quarter of the financial year, the GDP growth has come down to five per cent. The missing three percent growth means a loss of Rs 6 lakh crore in just one quarter" he said.

READ | Congress Takes On Nirmala Sitharaman's 'millennial Mindset' Remark

FM: ‘Millennial Mindset’ Affecting Automobile Sector

Union Finance Minister Nirmala Sitharaman on September 10 said that the automobiles industry is being affected by BS6 (Bharat Stage) and the mindsets of millennial. Sitharaman, addressing the reporters, stated that it is the mindsets of millennials who are preferring app-based taxi service including Ola and Uber rather than committing to buying an automobile which is affecting the auto sector. "The automobile industry is now affected by BS6 and the mindsets of millennial, who now prefer to have Ola or Uber rather than committing to buying an automobile," the Finance Minister said. 

Nirmala Sitharaman had also assured that the Modi government will respond to the demands of the automobile industry in the light of the worst decline that it is facing recently. She went on to assure the buyers and manufacturers in the automobiles industry that vehicles compliant with Bharat Stage IV emission norms registered before March 31, 2020, will be able to run for the entire registration period of the vehicle.

READ | Nirmala Sitharaman: Prosecution For Minor Tax Defaults To Be Eased

READ | Nirmala Sitharaman Announces Measures To Boost The Real Estate Sector

(Inputs from PTI )

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