Nitin Gadkari said, “I met automobile manufacturers and they were worried. I told them, sometimes there is happiness, sometimes there is sorrow.”
Nagpur| The situation of the economy in the country remains worrying. While automobile, textile, housing sectors are reeling under crisis, Union Road Transport Minister Nitin Gadkari has made a statement, apparently, to console the industry players.
He said on Saturday that industries need not be disturbed because difficult times will pass. Gadkari said here on the 65th foundation day of Vidarbha Udyog Sangh. He said,
“I know that the industry is going through a very difficult period. We want to increase the growth rate. I recently met automobile manufacturers and they were worried. I told them, sometimes there is happiness, sometimes there is sorrow.”
“Sometimes you succeed and sometimes you fail. This is the life cycle,” he said. On the other hand, Finance Minister Nirmala Sitharaman on Saturday announced the third instalment of market stimulus measures to speed up the sluggish economy. This includes plans to provide financial assistance of more than Rs 70 thousand crores in total to real estate and export sectors.
These include plans to spend Rs. 30 thousand crores for schemes like setting up a fund to provide financing for completion of incomplete housing projects. The government has taken this step at a time when the pace of economic growth has come down to a six-year low.
The announcement of the Finance Minister has been welcomed by the industry organizations, real estate companies and exporters of the country. Sitharaman said in a press conference held in the capital that a fund of 20 thousand crore rupees will be created for financial help to complete the housing projects which have reached the final stage of construction.