Govt supporting auto sector: Javadekar

In his written reply to the Lok Sabha, Minister of Heavy Industries and Public Enterprises Shri Prakash Javadekar said the slowdown in automobile sector is cyclical owing to the reduction in finance availability and increase in cost due to upfront collection of insurance premium. He also added that the government is taking various steps including release of funds worth Rs 70,000 crore to PSU banks to help the sector.

“There is a cyclical slowdown across sectors including automotive sector since last few months. But the festival season demand has shown year-on-year growth of 0.3 per cent in the passenger vehicle segment,” the minister said.