BW Businessworld
November Nirvana
The worst may be behind for the Indian auto industry due to the festive season offtake but the ecosystem needs to stabilise before demand can get back to pre-2018 levels
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The Indian Automotive sector has witnessed its worst nightmare since the financial meltdown of 2008. A prolonged slowdown in the economy over the past two years brought on by a severe liquidity crunch due to the crisis in the NBFC sector and reluctance of the banks to lend owing to a dramatic rise in bad loans, the impending migration to BS-VI emission norms and, f inally, the Covid-19 pandemic pulverised demand out of shape. And with the nationwide lockdown in April this year, sales turned zero!
tom, josh, more sound from some of the students, some of the eyewitnesss who lived through this this morning. a teacher was telling us to go, go, go. and it is like instinct, you re scared, traumatized, you re running as fast as you can. and once you got to indian automotive, when did it become clear something had happened? it was clear when all the cops were pulling up. we were thinking, you know, this is not a fire drill. this is something very serious. there was a lot of cops. so that s when we it all clicked. i was, like, oh, my gosh, something traumatic has just happened. no. i never thought this would happen in our school. school is a place you feel safe in. and that you always think, that s never going to happen to me. so it is kind of scary now that it has happened and to think about it. sure does. and to that point, this shooting today brings the number of u.s. school shootings just this year to 22. we also are getting sound from