Give special impetus to revive economy, urges PMK

“India, the seventh largest economy in the world, is facing slowdown and almost all the sectors are facing economic strain resulting in business loss and unemployment. To revive the economy, Centre should provide special economic incentives,” said Ramadoss, in a statement.

He also said that the Centre is claiming that by 2024 India will be made a five trillion Dollar economy and by 2032 the economy would go to 10 trillion Dollar, but the ground reports are completely different. All the industries are facing economic slowdown and the recent problems in automobile sector is just an example.

“The sale of all motor vehicles, including buses, cars, trucks and other vehicles have gone down and due to it all the major motor companies such as Mahindra, Maruti Suzuki, Tata, Hero, Toyoto and Ashok Leyland with the intention to reduce the production have announced temporary shutdown.

The impact is likely to continue and more such temporary shutdowns would be witnessed in the coming days,” said Ramadoss.

Coal, crude oil, natural gas, fertilizers, refineries, cement, electricity and steel industry are the eight major industries which constitute 40 per cent of the Indian manufacturing sector and the growth rate of these industries have gone down registering just 0.2 percentage of growth. The trend is now reflecting in software companies where they have started to axe the employees, said Ramadoss.

He further said that reduction of GST, special incentives for export, measures to increase FOREX revenue, to increaseinvestment in infrastructure resulting in increased in-flow of money are some of the necessary measures that can been taken to bring theeconomy back on the growth track.