While the Modi government has not fully accepted that the country is facing an economic slowdown, Nitin Gadkari, one of the senior ministers in the NDA, seems to have acknowledged the fact that Indian industries are "facing a tough time". The Union Minister for Road Transport and MSMEs has exhorted the industries -- bearing the brunt of poor sales and declining revenue -- not to lose heart, saying that "this time will pass".
During a function to mark 65th foundation day of the Vidarbha Industries Association on Saturday, Gadkari said: "I know the industries are going through a tough time now. We want to increase the growth rate. Recently, I met automobile manufacturers at all India convention of the automobile industry and all of them were little worried...," Gadkari said.
He added: "I told them, Kabhi Khushi Hoti Hain Kabhi Gam Hota Hain (there are times of joy and times of sorrow), sometimes you succeed, sometimes you fail...life is a cycle. So in your life too, because of the global economy, demand and supply, you face little problems sometimes. Even the (rest of the) world is facing this problem. So don't get disappointed, this time will pass," Gadkari said.
The Modi government has launched a series of measures in the past few weeks to reinvigorate the sagging economy. On Saturday, Union Finance Minister announced Rs 20,000 crore special window to provide last-mile funding for the completion of ongoing housing projects, which are non-NPA (Non-performing asset) a non-NCLT (National Company Law Tribunal) projects & are net worth positive in the affordable and middle-income category.
She also announced a slew of measures to boost exports, including a hike in interest equalisation scheme, automated GST tax credit refunds for exporters, remission of taxes on export products to replace MEIS, among others.
Manoj Sharma with agency inputs