Automobile sector slowdown: An analytical study of consumer psychology
Although, a concrete plan to address the problem is being developed in consultation with Prime Minister Narendra Modi. However, a section of the industry and many economists have criticised the government for not being prudent enough to read the distress signs and for treating the slowdown as temporary and transient. The economy grew by a mere 5.7% in the quarter ended June 2017. In the first quarter of this financial year, growth fell to 5.7% as against 7.9% in the same period last fiscal year. Sectors including automobile, real estate, financial services - Non-Banking Finance Companies (NBFCs) in particular, and manufacturing have shown signs of impact from this economic slowdown. The present research paper notes the slowdown in the automobile sector and the impact of the same on the economy. It does an introspection of the factors from the consumer perspective.