Finance Minister Nirmala Sitharaman has come under sharp criticism for attributing the slowdown in the automobile sector to millennials preferring taxi-hailing services like Ola and Uber instead of buying a car and committing themselves to EMI payments. Social media is exploding with memes and the ‘#BoycottMillennials’ handle is trending on Twitter.
But the social media is being a little unfair to the Finance Minister as the math shows that hiring Ola/Uber taxi is indeed cheaper than owning a car.
Given that millennials today count every penny they spend, it is only a fair assumption that they have been deterred from spending on a depreciating asset like a car. And, this is how the numbers pan out:
Owning versus hiring Being a regular Uber rider myself, I can say that the cost here in Chennai works to an average of ₹20/km. Now, let us figure out the cost of owning a car.
هذه القصة مأخوذة من طبعة September 13, 2019 من The Hindu Business Line.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة September 13, 2019 من The Hindu Business Line.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
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