Finance Minister Nirmala Sitharaman on Tuesday said the “millenial mindset” of relying on taxi services instead of committing to buy a vehicle was responsible for the crisis in the Indian automobile sector.

“The automobile industry in India did have its good time, at least till two years ago. There was definitely a good upward trajectory for the automobile sector. Now it is affected by the transition to Bharat Stage VI emission norms; a higher registration fee; and the mindsets of millennial, who now prefer to have Ola or Uber rather than committing to buying an automobile,” said Sitharaman.

Finance Minister Nirmala Sitharaman on Tuesday said the “millenial mindset” of relying on taxi services instead of committing to buy a vehicle was responsible for the crisis in the Indian automobile sector.

“The automobile industry in India did have its good time, at least till two years ago. There was definitely a good upward trajectory for the automobile sector. Now it is affected by the transition to Bharat Stage VI emission norms; a higher registration fee; and the mindsets of millennial, who now prefer to have Ola or Uber rather than committing to buying an automobile,” said Sitharaman.