Millennials have been having a field day (a week, rather) with Finance Minister Nirmala Sitharaman’s statement that a reason for the automobile sector slowing down is that millennials prefer Ola and Uber to “committing” to buy their own vehicles.
The ironic hashtags #BoycottMillenials and #SayItLikeNirmalaTai have been trending since.
Here is what they are asking the finance minister:
What about trucks and tractors? The finance minister seems to have forgotten that the automobile industry includes not just bikes and cars, but also trucks and tractors.
Twitterati pointed out that truck sales had fallen 70 per cent in August. July had seen a 13 per cent decline in tractor sales. Are millennials choosing Ola and Uber over trucks and tractors too?
More taxis?
If the finance minister is right, we must have a lot more taxis on the roads. Ola, Uber and other aggregators must be buying up more cars and bikes, and there is no reason to believe that they are.
Are Ola, Uber in profit?
Ola and Uber had seen a phenomenal growth a couple of years ago. The businesses saw a 90 per cent growth in 2018, 57 per cent growth in 2017 and 20 per cent growth in 2018. However, this year, their growth has slowed down incredibly. It stands at a miserable 4 per cent.
So, are millennials really taking to the taxi aggregators all that much?
How do you know?
There is no reason to believe it is just one age group that has taken to Uber and Ola services. Metrolife spoke to many in Bengaluru who are over the millennial age group (that is, above 39) whether they use such services. The common reply was yes. They prefer cabs because of the traffic, and in some cases, their children had explained to them how the aggregator apps work. One user said, “My son has the energy to drive through this traffic. My bones are getting old, na?”
Hating millennials?
There are plenty of jokes already on how millennials are lazy and irresponsible. The stereotype of the millennial is that of a tech-savvy, privileged brat who has little concern for the world.
With the government also singing the same tune, the question is where millennials are scapegoats for a slowing economy.
