Nagpur: Union minister Nitin Gadkari has asked industries not to lose heart amid the slowdown in the economy, saying the phase will pass.
The minister for Road Transport and MSMEs was speaking at a function to mark 65th foundation day of the Vidarbha Industries Association on Saturday.
"I know the industries are going through a tough time now. We want to increase the growth rate. Recently, I met automobile manufacturers at all India convention of automobile industry and all of them were little worried...," Gadkari said.
"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.
"And I certainly feel that in coming days we are going to be the fastest growing economy," he said.
Earlier, the minister had assured the crisis-hit automobile industry of all possible support from the government, including taking up the demand of GST reduction with finance minister Nirmala Sitharaman.
Reiterating that the government would help the industry, the road transport and highways minister also said his ministry would give out 68 road projects worth up to Rs 5 lakh crore in the next three months to help generate demand for commercial vehicles.
Auto industry body SIAM earlier sought immediate steps from the government, including a reduction in GST rates and initiation of scrappage policy, as sales continued to plummet with passenger vehicle makers witnessing a decline of 30 per cent offtake in August.
The Society of Indian Automobile Manufacturers (SIAM) said even the commercial vehicle and two-wheeler sales are significantly negative indicating that the market has still not responded to the various measures initiated by Sitharaman.