STUCK IN REVERSE GEAR
Business Today|September 06, 2020
THE PANDEMIC IS SET TO PUSH THE AUTO INDUSTRY BACK BY OVER A DECADE, PARTIAL RECOVERY IN JUNE AND JULY HAS RAISED HOPES, BUT WILL IT SUSTAIN?
SUMANT BANERJI
STUCK IN REVERSE GEAR

On March 29, four days after the country went into the lockdown, Ram Krishna Pal, a machine operator at a component unit in Dundahera village of Gurgaon was told his services were no longer needed. Going back to his home in Sitamarhi in Bihar was not an option. Now, he is finding it increasingly difficult to make ends meet. “My contractor said the company has reduced the output due to new regulations and, hence, does not require as many people as before. Factories have opened up all around but employment has shrunk,” he says.

Dealerships, the front end of the automobile industry, tell a similar story of despair and loss of optimism. Cut to the last fortnight of March, the first phase of the lockdown, when sales executives were putting in extra hours to liquidate stocks of BSIV vehicles by the end of the month, before BS-VI emission norms kicked in from April 1. “There was a lot of pressure on us and we had stiff targets but at least the business was good,” says Ambuj Sahu, who works in a two-wheeler dealership in Gonda in Uttar Pradesh. “The lockdown was a major disruption. The showroom remained shut till May 12 but the momentum had been lost. I am lucky to have the job even though I got half the salary for April. I know so many people who were doing well in March but were jobless in May.”

Denne historien er fra September 06, 2020-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra September 06, 2020-utgaven av Business Today.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAYSe alt
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024