Automobile industry will see a major shift by April 2020: Dr Sarin

Jalandhar, September 9, 2019: CT Group of Institutions, Maqsudan Campus organized a panel discussion on Automobile industry in India: An inside story.
In panel discussion, prominent speakers, including Dr.Vishal Sarin, Head of Department of Economics, Lovely Professional University; Dr.Sunil Kumar Arora, Principal, Trinity Institute of Management and Technology and Abhishek Soni, Director CCPC were the main panelists.
While discussing various reasons for the crisis in the Automobile industry and how it is impacting the GDP, the panelists highlighted the government intervention policies contributed as a major role in falling down of Auto sector (high rate of GST 28%, RBI stringent norms and focus more on Electric Vehicles) and the possible solutions for the revival of Automotive Industry like Scrappage Policy, Reduce GST and availability of funds for issuing loans to potential buyers.
Dr.Vishal Sarin one of the speakers said, “The main cause of the problem is GST slabs for auto sector and some policies of Government is also playing its role for diminishing the industry. Demonetization hammered the last nail as it reduces the paying capacity of the people.”
Abhishek Soni discussed the reasons of the slowdown like in December 2018, the collapse of IL&IF resulted in the crisis in NBFC (Non-Banking Financial Companies). So, Non-Banking Financial companies started implementing stricter rules in issuing loans. So, lack of loans and rising interest rates are discouraging consumers and hence resulted in low demand for vehicles.”
At the end of the discussion, students interacted with panelists and cleared their queries. The highly significant panel discussion was attended by 150 students and faculty members.
Charanjit Singh Channi, Chairman, CT Group appreciated the panelists and motivated the students and faculty members to take part in such events as it improves their knowledge.
Manbir Singh, Managing Director, CT Group, Dr Jasdeep Kaur Dhami, Director of the campus and Dean Academics Dr. Anurag Sharma were also present.