More than 3 lakh temporary and casual workers in the automobile sectors are estimated to have lost their job and Jobs of about 10 lakh workers are at risk, as the auto industry of India has slumped by over 30 per cent.
Panicked, the auto industry sought a revival package with GST rate cust fro 28 per cent to 18 per cent.
Meanwhile, automobile stocks slumped on Tuesday with the Nifty Auto sectoral index diving as much as 2.46 per cent during the session. The S&P BSE auto sector index has fallen 23 per cent so far this year.
A total of 61,104 passenger vehicles were exported last month, marking a decline of 4.43 per cent compared with the year-ago period. Commercial vehicle exports dropped 32.87 per cent to 5,794 units.