Politics

Economy Falling Into Deep Abyss Of Recession: Priyanka Gandhi On Auto Sector Crisis

BP World Bureau | Sep 10 2019 12:09:44 PM
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Congress general secretary Priyanka Gandhi slammed the government for their negligence towards economic slowdown and the crisis faced by the auto industry.

As per reports, the auto industry has suffered its worst-ever monthly sales performance in August. The auto industry in India has been showing signs of more distress due to economic slowdown.

According to the latest data reports by the automakers association passenger car sales plummeted by 41.1 per cent in August, while the 2-wheelers sales declined 22 per cent.

“The country’s economy is falling into a deep abyss of recession. A sword is hanging on the livelihood of millions of Indians. The decline in the auto sector is a sign of negative growth in production-transportation and the declining confidence of the market. When will the government open its eyes?”  tweeted Priyanka Gandhi

Read Also: After Maruti, Ashok Leyland Announces Non-Working Days In Production Plants

After Maruti Suzuki announced non working days, another auto biggie Ashok Leyland had followed suit.

The auto major has announced that it will observe 18 non-working days in its Pantnagar plant, 16 non-working days in Ennore plant and 10 non-working days in Alwar and Bhandara plants in September.

Last week, India’s largest carmaker Maruti Suzuki had announced that it will pause production at its plants in Gurugram and Manesar for two days amid a plunge in sales.

Union minister Prakash Javadekar has assured the citizens that the economic slowdown is temporary and the economy is still going strong.

Read Also: No need to panic, economic slowdown is cyclical: Prakash Javadekar

The minister urged people not to panic over the current state of Indian economy. He said the slowdown is cyclic and added that the fundamentals of Indian economy are strong.

Finance Minister Nirmala Sitharaman this month responded to the slowdown by saying the country’s inflation is still under control.

However, another Union Minister Nitin Gadkari admitted the economic slowdown and promised he would urged the Finance Minister to cut GST rates on auto industry.