Around 50K commercial vehicles pan-India are seized due to non-payment: Report

Auto sales slowdown. (Photo: iStock)


An economist recently highlighted that the country’s slowdown has now started affecting the households and close to 50,000 commercial vehicles have already been seized by financers due to non-payment across India, reports stated.

“The situation is very grim. Our data says that the number is around 40,000 to 50,000 across the country,” SP Singh, senior fellow at Indian Foundation of Transport Research and Training (IFTRT) was quoted as saying by India tv news article.

During an interview with Mint, Singh said that the current economic situation was worse than what it was during the international mortgage crisis of 2012-2013. He further added that the situation, in fact, was worse than what it was during the 2008-2009’s Global Financial Crisis.

Singh explained that the cargo offering has been falling for the last two years, and implementation of demonetization followed by the Goods and Services Tax only gave a boost to the crisis.

(With input from agencies)