EXCLUSIVE: Slumping sales of cars and motorcycles are triggering massive job cuts in India's auto sector, with many companies forced to shut down factories for days and axe shifts. More here: by sudvaradhan AditiShahsays aftabahmed00
) have implemented brief suspensions to production in recent weeks in the face of slow demand, separate sources said.
Passenger vehicle sales have dropped for nine straight months through July, with some automakers suffering year-on-year declines of more than 30 percent in recent months. India’s jobless rate rose to 7.51% in July 2019 from 5.66% a year earlier, according to private data group CMIE. The CMIE data is more up-to-date than government figures and regarded in financial markets as more credible.
FILE PHOTO: Employees work at the production line on a Honda Mobilio car at a Honda plant in Greater Noida on the outskirts of New Delhi July 21, 2014. REUTERS/Adnan Abidi/File Photo
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