Nirmala Sitharaman Dismisses Manmohan Singh's Comments on Economic Slowdown & Job Cuts, Says 'Govt Willing to Hear Sectors That Need Support'

Chennai, September 1: Two days after announcing merging 10 public sector undertaking (PSUs) banks into four private entities and Dr Manmohan Singh's comments on the economic slowdown, Union Finance Minister Nirmala Sitharaman on Saturday stated that GST rate cuts are not in her hands. She also mentioned that to improve the economic slowdown of the country, the Union Finance Ministry is in consultation with different sectors and willing to hear sectors that need support. Manmohan Singh Blames 'Mismanagement' by Modi Government For Economic Slowdown, Urges Centre to Shun Vendetta Politics

Addressing a press conference in Chennai on Sunday, Sitharaman stated that the Finance Ministry is in talks with several sectors and hearing their concerns. She said, "The government is in consultation with a lot of sectors, having heard them, the first tranche of announcements were made on August 23." She also mentioned that each sector has a different requirement, and the finance ministry is looking at the various aspects associated with it.

Answering a question on the economic slowdown, the Union Finance Minister said, "I'm meeting industries and taking their inputs, suggestions on what they would want and expect from government. I'm responding to them. I have already done this twice. I will do it a number of times." She even expressed that economic slowdown is most likely to improve in the coming months. GDP Growth Slips to 5% in April-June Quarter, Down From 5.8% in Q4 of Last Financial Year

Asked on the job cuts in various sectors, Sitharaman gave the example of the automobile sector and stated that the whole crisis has begun with the Supreme Court order. In the April order, the apex court had said the automobile sector had been advised to transform into the manufacture of BSIV to BSVI vehicles. This had added more woes to the manufacturing firm, which is bound to close the production of BSIV vehicles by March 2020.

On the reports of banks unions going to strike post bank mergers, Sitharaman said that the unions are 'absolutely' ill-informed. She said, "Every union should recall what I have said. There shall be not a single employee be removed. There shall be not a single job cut post bank mergers." Nirmala Sitharaman Announces Bank Recap Plan After Meeting PSU Chiefs: Key Highlights

Lastly, when asked former Prime Minister Manmohan Singh comments on low Gross Domestic Product (GDP) growth rate, the Finance Minister said, "Is Dr Manmohan Singh saying that 'instead of indulging in political vendetta they should consult sane voices?' Has he said that? All right, thank you, I will take his statement on it. That is my answer."

(The above story first appeared on LatestLY on Sep 01, 2019 03:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).