Govt will respond to automobile industrys demand, says FM Sitharaman

Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman

Whole lot of factors are influencing automobile sector.

When asked about a possible rate cut on cars, Sitharaman said that call would be taken by the GST Council at its meeting in Goa next week.

"Some studies do tell us that mindset of millennials, who are now preferring not to commit an EMI (equated monthly installment) for buying an automobile, instead prefer to take Ola, Uber, everything else, or take the metro".

"The automobile industry in India did have its good time, at least till two years ago".

"This sector (automobile) in particular, has been affected by several things such as the BS-VI movement, registration fee matter...and the mindset of millennials".

Describing abrogation of Article 370 as a path breaking decision of the Centre, Union finance minister Nirmala Sitharaman on Tuesday said the Congress should speak in one voice on Jammu and Kashmir and matters of national security.

Sri Lanka Series to Go Ahead Despite Top Players Opting Out: PCB
The country has successfully hosted Pakistan Super League (PSL) matches, an ICC World XI in 2017 and West Indies in 2018 and Sri Lanka for a one-off T20 in 2017.

Sitharaman surprised many by blaming the millennials for the slowdown.

For the fiscal so far, passenger vehicle sales has declined by 23.54 percent at 11,09,930 units, commercial vehicles by 19 per cent at 317,061 units and two-wheelers at 15,14,196 units, 14.85 per cent less than past year.

Vehicle sales across categories, including passenger vehicles (PVs) and two-wheelers and commercial vehicles (CVs) stood at 18,21,490 units last month, as against 23,82,436 units in August 2018, a fall of 23.55 per cent. They also cut production, which led to a decline in dispatch to dealers. Also she lifted the ban on purchase of vehicles by government departments and allowed additional 15 per cent depreciation on vehicles acquired till March 2020. Dips and rise in GDP growth do happen, but we are not sitting without responding to boost it.

Finance MinisterNirmalaSitharaman today shrugged off questions on the GDP growth declining to 5 per cent in the first quarter, saying the ups and down are part of the growth process and the government is responding to the current economic challenges to revive demand and consumption in the country.

She also defended the bank mergers and said the effective dates for mergers should be decided by the bank boards. The banks will benefit from each other's strength.A growing economy needs good banks.

Recommended News

  • First human case of West Nile virus found in Chatham County

    First human case of West Nile virus found in Chatham County

    The individual is under the age of 40 and was not hospitalized, according to a release from the health department. West Nile is the most common mosquito-born disease in the USA , according to the health department.
    Judiciary panel to set rules for impeachment investigation

    Judiciary panel to set rules for impeachment investigation

    The committees said in a joint release that the record request is a "first step in a broad investigation into this matter".
    Antonio Brown not worth it for the Tennessee Titans at veteran minimum

    Antonio Brown not worth it for the Tennessee Titans at veteran minimum

    Pittsburgh had essentially four months to prepare for this game and if this was the best they could do, it might be a long season. Gruden and Brown reportedly had a conversation about his future with the team, and Gruden encouraged Brown to focus on football .
  • Iranian female soccer fan 'blue girl' dies after setting herself on fire

    Iranian female soccer fan 'blue girl' dies after setting herself on fire

    However, she was arrested on the charge of "improperly wearing hijab" and jailed for three days before being released on bail. Sahar was pretending to be a man and wore a blue hairpiece and a long overcoat when the police stopped her.
    England: Gareth Southgate says attack as exciting as any team

    England: Gareth Southgate says attack as exciting as any team

    He was only involved in four games for us last season because of injury - two starts and two off the bench. I really have to keep encouraging our players to use the strengths they have".
    LG's 2019 OLED TVs will soon receive G-Sync support

    LG's 2019 OLED TVs will soon receive G-Sync support

    Making the TVs G-Sync Compatible is a fair compromise that makes the products better-suited to PC gaming for less cost. These TVs also offer a refresh rate of up to 120Hz, as well as input lag of 6ms for 1440p gaming, or 13ms for 4K.
  • First Kansas death from vaping-related lung disease reported amid national outbreak

    First Kansas death from vaping-related lung disease reported amid national outbreak

    Nieuwenhuis says the vapor not only affects the person vaping, but also the people around them while they're doing it. At least five people have died in California, Minnesota, Illinois , Indiana, and OR as a result of the infections.
    Browns' Beckham doesn't plan to remove $350K watch for games

    Browns' Beckham doesn't plan to remove $350K watch for games

    OBJ has been known for his antics in the past and this latest watch debacle doesn't bode well for his reputation. If it ain't this, it's something else. "If it wasn't the watch, it would've been the way that I tie my shoes".
    Labour Rebel Scorches Corbyn in Brexit Parliament Debate

    Labour Rebel Scorches Corbyn in Brexit Parliament Debate

    And in that election we will commit to a public vote with a credible option to leave and the option to remain". Watson's intervention is likely to be viewed as less than helpful by the Labour leadership.
  • Uninsured rate rises for first time since 2009

    Trump spent most of his first year in office unsuccessfully trying to get a Republican Congress to repeal the Affordable Care Act. That's nearly a 2 million increase from 2017, when 7.9 percent of the population, or about 25.6 million people, were uninsured.
    House panel probes fortunes of airport near Trump resort in Scotland

    House panel probes fortunes of airport near Trump resort in Scotland

    He also said the Air Force had not found anything improper regarding the Trump Turnberry stay but is still reviewing the records. Ed Thomas mentioned in a press release of the cease that included a keep for crew members on the Trump resort.
    Tesla driver appears to be asleep in moving car

    Tesla driver appears to be asleep in moving car

    Video taken on a busy road in the USA appears to show a man asleep behind the wheel of a self-driving auto . Neither of the pair responded to other drivers honking their horns at them.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.