Govt working on steps to revive auto industry

039;The question is related to the economy of the country so it is requested that you study the model of economic development of Chhattisgarh once,' Baghel said

Ms. Sitharaman said the factors included the transition to BS VI vehicles, registration fees and also the mindsets of millennials.

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 a year ago. Facing its worst decline in sales since 1997-98, the automobile sector has been clamouring for measures to rejuvenate demand, including relaxation in GST rates.

The Finance Minister also assured that a decision on GST rate cut for vehicles will be taken soon.

"The auto sector, which had good times till two years ago, is affected because of various other issues too", said the Finance Minister.

On the mega-merger of public sector banks, she said the government has announced the merger of 10 PSBs into four strong lenders with countrywide networks and global reach to boost credit and revive economic growth, said the minister.

While stating that bank mergers were announced for the banks to benefit from each other, the FM said the date of merger had to be decided by the boards of respective banks. That was the reason behind merging banks.

Responding to the criticism of the government accessing the accumulated reserves of the Reserve Bank of India, she said it had been accessed by the governments in the past too.

Speaking on the GDP that is hovering around five percent and the scenario that led to this, she said, "The concerns which industries have, we are speaking to them".

"It is useful for us to remember that dips and raises in GDP growth happens". This is down from a GDP growth of 8.2% in the first quarter of the previous financial year. "Now we are focused to see how it can grow in the next quarter", she said. She recollected that during the 2016-17 Russian Federation talks, business representatives from the East of Ural mountains states had come to Chennai and representatives from Chennai had reciprocated the visit. Henceforth, goods from Vladivostok will reach Chennai port and spread across India.

The Finance Minister also assured that the government is aware of the need to respond to the troubles in the auto sector. So its price depends on demand in the market, Dollar rate, crude rate etc.

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