Automobile industry needs stimulus: Patel

Automobile industry needs stimulus: Patel
Highlights

Terming the slowdown in auto sales as 'challenging', Minister of Heavy Industries and Public Enterprises...

Terming the slowdown in auto sales as 'challenging', Minister of Heavy Industries and Public Enterprises Praful Patel on Wednesday said he will take a delegation of the automobile industry to PM Manmohan Singh and FM Chidambaram to discuss the possibility of a stimulus for the sector.

"There is genuinely a case for stimulus for the auto sector", Patel said adding auto sales have dropped in the recent months. "I am in constant touch with the government. Also in the days, I am going to arrange a meeting of the entire auto sector - SIAM and other stakeholders - with the the Prime Minister and the Finance Minister so that the industry is able to express its concerns and I am sure we will find a way forward," he said.
This slowdown also leads to loss of jobs rather than creating jobs, he added. He was talking to reporters on the sidelines of the annual convention of SIAM. Besides slowdown in the economy, high interest rates have always been a cause of concern for our country and specially for the middle-class when they are buying white goods and cars as the EMIs are linked ultimately to the rates, Patel said.
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