'Kabhi Khushi, Kabhi Gham': Nitin Gadkari Asks Industries to Not Lose Heart Amid Economic Slowdown, Says Tough Time Will Pass
As several industrial sectors are reeling under a crisis, Union Minister Nitin Gadkari asked industries not to lose heart, saying that "this time will pass". Nitin Gadkari, unlike the Modi government, also acknowledged the fact that Indian industries are "facing a tough time".
New Delhi, September 15: As several industrial sectors are reeling under a crisis, Union Minister Nitin Gadkari asked industries not to lose heart, saying that "this time will pass". Speaking at a function to mark 65th foundation day of the Vidarbha Industries Association on Saturday, Nitin Gadkari, unlike the Modi government, also acknowledged the fact that Indian industries are "facing a tough time". Nitin Gadkari Justifies Hefty Fines Under New Motor Vehicle Act, Also Clarifies Government Won't Ban Petrol Or Diesel Cars.
"I know the industries are going through a tough time now. We want to increase the growth rate. Recently, I met automobile manufacturers at all India convention of the automobile industry and all of them were little worried...," Gadkari said. He added: "I told them, Kabhi Khushi Hoti Hain Kabhi Gam Hota Hain (there are times of joy and times of sorrow), sometimes you succeed, sometimes you fail...life is a cycle."
"So in your life too, because of the global economy, demand and supply, you face little problems sometimes. Even the (rest of the) world is facing this problem. So don't get disappointed, this time will pass," the Union Minister for Road Transport and MSMEs further said. Gadkari was the first to admit that the economic crisis has gripped the automobile sector in the country.
"There is a fact that as far as the present economic data is concerned the automobile sector is facing a problem, because of the global economy, demand and supply. The government is already with the automobile industry and under the Finance Ministry we'll find out a solution," he had said. Ranging from Maruti to Toyota, automobile companies are suffering a loss, and their sales have dropped to by more than 20 percent.
Data revealed that the sales in Maruti dropped by 33 percent, while Tata Motors's sales declined by 58 percent. Even Honda's sales too reduced by 51 percent. Among other losers in the automobile sector include — Eicher-Volvo (41.7%), Toyota (21%), Mahindra & Mahindra (25%), Mahindra Tractors (17%) and Hyundai (9.54%) respectively.
(The above story first appeared on LatestLY on Sep 15, 2019 09:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).