Amid the economic slowdown, Finance Minister Nirmala Sitharaman on Tuesday said that the government is considering other suggestions from the auto industry.
Sitharaman addressed media on ‘100 Days of Bold Initiatives and Decisive Actions’ of the government today at Chennai;
Gross domestic product (GDP) in India grew at 5 per cent in April-June 2019, the slowest since 2013, on account of subdued economic activity in sectors, from services and manufacturing, to agriculture and construction.
The government announced a slew of measures in the past few weeks so as to boost growth and improve the investor sentiment. The other measures included ICE (internal combustion engine) vehicles will coexist with EVs (electric vehicles) and that there is no phasing out of ICE vehicles, a fear expressed in certain quarters of the auto industry.
The government also announced mega consolidation in banking sector reducing 10 PSU banks into 4 and also infusing Rs 55,250 crore capital in many of them to enforce regulatory norm adherence.