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Auto crisis more due to overproduction than slowdown in economy: Rajiv Bajaj

The current crisis in the automobile industry in the country is largely due to "overproduction and stocking" by companies and to a small extent to the economic slowdown , and there no need for a GST cut, Bajaj Auto managing director Rajiv Bajaj has said. His statement comes days before the GST Council is scheduled to convene on September 20 when, among other things, it is expected to take a call on the industry demand for a cut in goods and service tax on automobiles. The industry is now rapidly correcting the stock levels for Bharat Stage-VI emission norms and the problem will be sorted by November, Bajaj said.continue reading.
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