Doyens of Indian industry, including automotive, today met Prime Minister Narendra Modi to share their views, expectations and suggestions to revive growth in the country's economy.
The Indian automotive industry, which is currently experiencing possibly the worst-ever downturn in its history, is looking forward to some growth-revival measures from the government of India. Earlier today, a number of captains of industry, representing vehicle manufacturers, component suppliers, energy providers and infrastructure developers, among others, had a meeting with the Prime Minister to discuss measures designed to counter the economic slowdown and also generate new jobs in the country.
The meeting comes a little over three weeks ahead of the Union Budget for 2020, which is expected to be announced on February 1. India’s GDP (Gross Domestic Product) has been witnessing slow growth. The automotive industry, which is one of the key contributors to the GDP and one of the largest direct and indirect employers in the country, has been one of the worst hit. The prolonged slowdown has impacted all vehicle segments and industry stakeholders are also hoping for the government to rollouit the much-awaited vehicle scrappage policy, which will help kick-start buying of new vehicles across segments.
The top industrialists who met the Prime Minister include Ratan Tata, chairman emeritus, Tata Sons; Mukesh Ambani, chairman and MD, Reliance Industries; Anand Mahindra, chairman, Mahindra Group; N Chandrasekaran, chairman, Tata Sons; Sajjan Jindal, chairman and MD, JSW Steel; Baba Kalyani, chairman and MD, Bharat Forge; Sunil Bharti Mittal, founder and chairman, Bharti Enterprises; Gautam Adani, chairman and founder, Adani Group; Anil Naik, chairman, L&T Group; Venu Srinivasan, chairman, TVS Group and Anil Agarwal, founder and chairman, Vedanta Resources.
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