Mahindra warns of job losses in auto sector, seeks government help
Updated : August 07, 2019 04:32 PM IST
M&M said in a statement it was only able to maintain margins due to falling commodity prices and the government must reduce the goods and services tax (GST) rate to spur demand.
A slump in sales is also triggering massive job cuts in the sector that employs 3.5 crore people directly and indirectly.
Initial estimates suggest automakers, parts manufacturers and dealers have laid off about 350,000 workers since April.
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