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FM Sitharaman addresses media on 100 days of Modi 2.0; touches upon GDP, GST, auto sector

Responding to the concerns of the sagging automobile industry, Sitharaman acknowledged that the auto sector is passing through a rough phase.

FM Sitharaman addresses media on 100 days of Modi 2.0; touches upon GDP, GST, auto sector

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday addressed the media to list out the decisions and initiatives taken by the Modi 2.0 government on the first 100 days in office, touching various issues concerning the economy like GDP, GST and the slowing auto sector.

In her address to media on "Furthering Development -- 100 days of bold initiatives, decisive actions of the government", Sitharaman said the government's full focus is on GDP and it is constantly working to ensure that GDP improves in the next quarter.

This was Sitharaman's third address to the press after presentation of the Union Budget. It came at a time when the economic is passing through a phase of slowdown with Q1 GDP growth falling to a six-year low of 5 percent and auto sales showing dismal figures.

Responding to the concerns of the sagging automobile industry, Sitharaman acknowledged that the auto sector is passing through a rough phase. She said that automobile industry did have it's good times till 2 years ago and there was a good upward trajectory.

Automobile sector and components manufacturers together have suffered due to BS6 movement, registration fee matter, mindset of the millionnials who are not committed to investing in automobile and rather using ola or Uber cabs, she added.

Sitharaman said that the government is trying to improve the situation of the auto industry.

Talking about the issue of reduction in GST rate cut for auto industry, she said that the GST council will take up the matter, adding that the dip in GST revenue collections also needs attention.