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‘If there is slowdown, why are there traffic jams?’ BJP leader in Parliament
The government had recently termed the slowdown in automobile sector as cyclical, and said it is taking various steps including release of funds worth ₹70,000 crore to PSU banks to help the sector.
A Bharatiya Janata Party (BJP) leader doesn’t believe that there is a slowdown in the automobile sector. According to Virendra Singh Mast, BJP MP from Ballia, it’s just a way to defame his party’s government at the Centre.
“To defame the nation and government people are saying that the automobile sector has slowed down. If there is a decline in automobile sales then why are there traffic jams on the roads?” Mast said in the Lok Sabha on Thursday.
The government had recently termed the slowdown in automobile sector as cyclical, and said it is taking various steps including release of funds worth ₹70,000 crore to PSU banks to help the sector.
“There is a cyclical slowdown across sectors including automotive sector since last few months. But the festival season demand has shown year-on-year growth of 0.3% in the passenger vehicle segment,” Minister of Heavy Industries and Public Enterprises Prakash Javadekar said in a written reply to the Lok Sabha last month.
Elaborating on the steps being taken to help the sector, Javadekar said the government as a policy maker always attempts to keep and improve momentum of the economy through a package of measures for comprehensive and continued development of the auto sector as and when required.
He said the government has taken steps like reduction in corporate tax to 22 per cent, continuation of registration of internal combustion engine vehicles in future.
Domestic passenger vehicle sales witnessed year-on-year decline in wholesales for almost an year till September this year. The sales increased marginally by 0.28 per cent in October, driven by festive boost.
