India's largest automaker Maruti Suzuki contradicts Finance Minister Nirmala Sitharaman's claim that the Millennial opting for Ola, Uber played a big factor for the current auto slowdown. Maruti Suzuki said that Ola, Uber has no effect on the current industry slowdown.

"The Ola and Uber factor may not be strong to contribute to the current state of slowdown. I think we need to watch and study it more before arriving at such a conclusion," MSI Executive Director (Marketing and Sales) Shashank Srivastava.

"Ola and Uber came into existence during last 6-7 years. In this period, the auto industry also saw some of its best times. So, what happened only during last few months that the downturn became so severe? I do not think it is only because of Ola and Uber," MSI Executive Director (Marketing and Sales) Shashank Srivastava.

At a press conference, on Tuesday, Finance Minister Nirmala Sitharaman said that one of the major factors behind the slowdown in the auto sector has been the change in the mindset of millennials.

According to Sitharaman, the youth in India would rather opt for Ola, Uber and other cab services instead of invest in EMI for a personal vehicle. She also added the Centre was trying to get to the bottom of issues plaguing the automobile sector and find a solution for it, given that thousands of people are losing their jobs.