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Business

Piyush Goyal acknowledges investors’ concerns, plays down Niti Aayog’s comments on EV push

Updated : August 21, 2019 06:30 PM IST

Niti Aayog’s comments don’t reflect the Government’s view unless it is an announced policy: Commerce & industry minister

Commerce and industry minister, Piyush Goyal has acknowledged that investors are concerned due to an “announce first, think later” policy of the government, but insisted that authorities are acting to address issues.

Addressing the the Motilal Oswal 15th annual global investor conference, Goyal contended that knee-jerk actions would not suffice and structural solutions were the need of the hour. He said finance minister Nirmala Sitharaman must be given some time to address issues in a holistic and comprehensive manner.

Speaking especially in context to the auto sector slowdown, Goyal did admit that there have been two-three situations of unintentional consequences and confusion.

In case of the auto sector, the industry recorded an overall decline of 18.71 percent in off-take for July, the highest monthly sales de-growth in the last 19 years.

He added that the Niti Aayog’s comments don’t reflect the government’s view unless it is announced as a policy as Niti Aayog is an independent think tank which constantly keeps coming up with new solutions.

It should be noted that the RSS labour arm, Bharatiya Mazdoor Sangh (BMS), on Tuesday blamed the Niti Aayog for killing jobs and sale of government assets.

Piyush Goyal also highlighted the problem of balancing the troica of fiscal stimulus, fiscal prudence and currency.

He said that fiscal stimulus was a good idea but such a move would mean that the government would be criticised for leaving fiscal prudence behind. He stressed further that the government was committed to staying on the path of fiscal prudence.

The commerce and industry minister assured the investors that the government would take adequate feedback from the industry on steps being deliberated to boost the economy.

It's noteworthy that the slowdown pain has now percolated to small businesses which supply raw materials and parts to bigger industries. Accordingly, the PSBs, led by lending major the State Bank of India (SBI), have been directed to analyse the 'ground-level' economic and demand situation.

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