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Sunday 26 January 2020

Meghwal: Given our target, we can’t let economy down

As per the official data, the growth in India's economy has slumped to an over six-year low of 5% in the April-June quarter of 2019-20

Kolkata: Union Minister of State for Heavy Industries and Public Enterprises Arjun Ram Meghwal on Thursday said the Centre would do everything to ensure that the economy remained on track and was not weakened so that the country reached its target of being a $ 5 trillion economy.

Meghwal said the country’s economy was ranked 11th in the world during the tenure of the UPA government and now, under the BJP-led NDA government, it has climbed to the 5th position. “Our target is the third position. So we can’t afford to allow the economic growth to be weakened,” he told reporters.

“When we are talking about our target of becoming a $ 5 trillion economy, we will never allow the economic growth to be weakened. We will do everything that is necessary,” Meghwal said.

Commenting on the country’s largest carmaker Maruti Suzuki India (MSI) suspending production at its Gurugram and Manesar plants for two days, Meghwal said it is imperative that the country moves from BS4 to BS6 to control carbon emission. It is equally important that the car industry of the country moves towards electric engines.

“We have to move forward from BS4 to BS6 engines and also move towards electric engines. The western nations have already moved towards it. We need to control carbon emissions. These are issues that come up during transitional phases and we are constantly in touch with people from the automobile industry,” the MoS said. The BS in BS-VI stands for Bharat Stage which signifies the emission regulation standards set by Indian regulatory bodies. The higher the number gets, the stricter the Bharat Stage emission norms.

Maruti Suzuki India (MSI) HAD said on Wednesday that it will suspend production at its Gurugram and Manesar plants on 7 September and 9 September. Reeling under severe slowdown, the auto major had reduced its production by 33.99% in August, making it the seventh straight month of reduction.

As per the official data, the growth in India’s economy has slumped to an over six-year low of 5% in the April-June quarter of 2019-20.

The Narendra Modi government had on 30 August unveiled a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth.

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