Auto sector cuts losses as government schemes, discounts attract buyers
Updated : October 06, 2019 01:01 PM IST
Sagging auto sector sales showed signs of revival in September on account of depreciation benefits and heavy discounts.
The immediate price reduction due to lowering of effective corporate tax rate to 25.17 percent (inclusive of all cess and surcharges) from 30 percent for all domestic companies has helped to deepen discounts and drive-in some extra sales numbers.
The industry has estimated that around 15,000 contractual manufacturing jobs have been lost and another million are at risk if the slowdown is not reversed.
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