NAGPUR: Union Minister for Road Transport and MSMEs Nitin Gadkari on Saturday acknowledged that industries in India are facing a tough time but stressed that the slowdown in the economy will end soon. Gadkari made the statement while addressing a function to mark 65th foundation day of the Vidarbha Industries Association.
The Union minister said that the Centre is committed to push the growth rate and is taking measures to boost the flagging economy. He said that auto sector is going through a tough period and automobile manufacturers were worried over the slowdown. "I told them, Kabhi Khushi Hoti Hain Kabhi Gham 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 global economy, demand and supply, business cycles you face little problems sometimes. Even the (rest of the) world is facing this problem. So don't get disappointed, this time will pass," Gadkari said.
Gadkari also announced that his ministry has decided to start 68 road projects worth up to Rs 5 lakh crore in the next three months with an aim to increase demand for commercial vehicles.
Earlier on Saturday, Finance Minister Nirmala Sitharaman said that the Indian economy is in good shape and there are clear signs of revival with robust FDI inflows and high forex reserves. ''Inflation is under control and there is a clear sign of revival of industrial production,'' the FM said. She said that a series of measures have been taken to provide relief to the economy. The FM said that inflation has been consistently held below 4%, which shows the health of the economy.
In a big relief for exporters, the FM said, ''the scheme of Remission of Duties or Taxes on Export Products (RoDTEP) is a new scheme, it shall completely replace all Merchandise Exports from India Scheme (MEIS) from January 1, 2020.''
Sitharaman also announced that a fully automated GST input tax credit refund system will be ready by the end of this month. Small and medium exporters will get their input tax credit refunds quick, and will not have their working capital stuck in pending dues.