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Mahindra warns of job losses in auto sector, seeks government's help

A slump in sales is also triggering massive job cuts in the sector that employs 35 million people directly and indirectly

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Mahindra & Mahindra | Auto sector

Reuters  |  Mumbai/Bengaluru 

Automaker Mahindra and Mahindra Ltd (M&M) said on Wednesday it saw a "huge danger" of job losses in the ailing domestic auto sector, as it sought government intervention, including tax reductions to revive demand. A lending crisis among the country's shadow banks, which fund nearly 55-60% of commercial vehicles and 30% of passenger cars, has led to automakers, including M&M and its rivals Maruti Suzuki India Ltd and Tata Motors Ltd, to either cut production or temporarily close plants. M&M said in a statement it was only able to maintain margins ...

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First Published: Wed, August 07 2019. 15:44 IST