As auto sales skid, manufacturers & NBFCs brainstorm on revival plans
The Hindu Business Life May 10,2019 KR Srivats The Finance Industry Development Council (FIDC), a representative body of NBFCs, has assured the Society of Indian Automobile Manufacturers (SIAM) that the NBFCs will “not turn risk averse” towards the automobile sector, although several of them are facing multiple challenges of “liquidity crunch” and new regulatory hurdles. “We have given them an assurance that per se there is no change in stance on our intent to fund automobiles. The current situation is tight for us which is manifesting in our lower disbursements to the automobile sector also,” Raman Aggarwal, Chairman, FIDC, told BusinessLine here after the meeting with SIAM officials. The main purpose of the meeting was to discuss threadbare the reasons behind the sharp decline in automobile sales in the country in the recent months. “Our meeting focused on whether the primary reason for drastic drop in vehicle sales is lack of demand or is it also due to lack of credit c