Idea of Note Ban Itself was Wrong, Says Rajiv Bajaj
Mumbai: With the adverse impact of note ban continuing to hamper two-wheeler sales, Bajaj Auto managing director Rajiv Bajaj on Thursday said the idea of demonetisation was itself “wrong” and it is incorrect to blame only the execution side of it.
“If the solution or the idea is right, it will go like a hot knife through butter...if the idea is not working, for example demonetisation, don’t blame execution. I think your idea itself is wrong,” Bajaj said at the annual Nasscom leadership forum. Prime Minister Narendra Modi had on November 8 last year scrapped all the .₹ 500 and .₹ 1,000 notes, with a view to check black money.
Notably, two-wheeler sales are yet to recover from the impact of demonetisation and industry data releases over the last two months have been showing a slump. The industry was looking forward to better sales on the back of good monsoon and an acceleration in rural economic growth.
Bajaj Auto’s total domestic sales, including those of two-wheelers as well as three-wheelers, were down 16% to 1,35,188 units in January from 1,61,870 units sold during the year ago period. For December, Bajaj Auto saw its domestic bike sales contracting 11% at 1,06,665 units.