Finance Minister Nirmala Sitharaman comments on millennials’ preference for Uber and Ola over new cars has caused a lot of dismay on social media today with users flooding the social media with a sarcastic tag #BoycottMillennials. The hashtag soon started trending on social media sites and in no time became the top trend.
On Tuesday, Ms Sitharaman during the press conference in Chennai pointed out that the ‘change in the mindset’ of the people, who are using cab aggregators like Ola and Uber as well as public modes of transportation over committing money to EMI’s for new cars had affected the auto sector. Due to which there is a fall for both two-wheelers and four-wheelers manufacturers. She also stated that it is also the reason for a 70 per cent drop for truck makers Ashok Leyland.
On how to resolve the crisis, she said, “All of us are constantly interacting with different sectors and economic segments not just in Delhi but taking inputs from around the country.”
Ms Sitharaman said, “Automobile sector, in particular, has been affected by several things. These include BS6 (Bharat Stage 6) movement, the registration fee issue that has been deferred till June and the mindset of millennials, who are now preferring not to commit EMIs to buy automobiles but prefer to use Ola or Uber or take the metro.”
The comment soon started a wave of sarcastic comments and netizens criticised finance minister for the comment.
Check out Twitter reactions here:
Last month, she announced a series of measures, in an effort to help boost sales. Separately, she also announced a merger of various banks in a move to strengthen the banking sector.