Nirmala Sitharaman asks Congress to speak in one voice on Kashmir

Nirmala Sitharaman asks Congress to speak in one voice on Kashmir

Sitharaman was addressing the media in Chennai on NDA government completing 100 days of its second term.

When asked about a possible rate cut on cars, Sitharaman said that call would be taken by the GST Council at its meeting in Goa next week. The industry saw a 12.25% decline in production in April-August 2019 compared to previous year.

Responding to concerns about the rising gold prices and whether the government would move to control the rise, the Minister said, "we don't have the yellow metal in our country, we depend on importing it. The automobile sector is affected by a range of issues such as rollout of Bharat Stage VI emission standard, higher registration fee, the mindset of millennials who prefer to use ride-hailing services such as Ola and Uber over committing to an EMI for purchasing a vehicle, besides the use of public transport such as metro".

In an effort to arrest the slowdown in the economy, Sitharaman met representatives of several industries in July to understand the challenges faced by them.

"The automobile industry in India did have its good time, at least till two years ago". Overall passenger vehicle sales dropped by a significant 31.57 per cent last month with 196,524 units sold compared to 287,198 units in August 2018.

Automobile sales witnessed its worst-ever drop in August across categories, with passenger auto sales falling by as much as 41.09 per cent, according to data released by industry body SIAM.

The sector slowdown has led to companies resorting to production cuts even as many dealers have laid off employees or shut shop themselves. Also she lifted the ban on purchase of vehicles by government departments and allowed additional 15 per cent depreciation on vehicles acquired till March 2020. This is down from a GDP growth of 8.2% in the first quarter of the previous financial year.

Responding to the criticism of the government accessing the accumulated reserves of the Reserve Bank of India, she said it had been accessed by the governments in the past too. Dips and rise in GDP growth do happen, but we are not sitting without responding to boost it.

While stating that bank mergers were announced for the banks to benefit from each other, the FM said the date of merger had to be decided by the boards of respective banks.



Latest news

National Football League legend Lynn Swann out as USC athletic director
In his place, true freshman Kedon Slovis led the Trojans to an impressive 45-20 victory over No. 23 Stanford on Saturday night. Both the Washington and Notre Dame games are on the road, but the Trojans have a bye week in between.

Huawei says USA needs to talk to company for China trade deal
When it was in the process of being returned the US Commerce Department seized it, citing unidentified export violation concerns. The legal war between the two companies ended in a draw this summer season, with a jury finding that neither side owed damages.

England names unchanged squad for final Ashes Test
Yeah, finally, Australia won a major series in Test format of the game after the transition happened in the recent past. To come back here, I always wanted to tick off my bucket list to get the urn over here.

Daytime napping might increase your lifespan
For the study , participants were registered between 2009 and 2012 and their health was monitored for an average of five years. The number of naps taken the previous week varied from none at all (58 percent) to six to seven (11 percent).

Andy Ogletree and team U.S. beat Great Britain & Ireland in Walker Cup
The USA retains the trophy after their 19-7 win at Los Angeles Country Club two years ago and now leads the overall series 37-9-1. Pak finished with the best record of the weekend, 3-0-0, while Scott led Great Britain and Ireland at 2-1-1.

Other news