Budget 2013-14: Praful Patel to seek stimulus package for auto industry

Giving a glimmer of hope to the auto industry, the heavy industry minister Praful Patel today said he would be meeting the finance minister P Chidambaram. Patel will possibly seek a stimulus package for the industry at the backdrop of declining sales from all major auto companies.

The overall car industry growth so far this fiscal has been flat and the heavy commercial vehicle segment has been the hardest hit with sales crashing over 30%.

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Patel also backed his ministry's decision to revive the fledgling Lucknow-based two-wheeler company Scooters India which the cabinet recently decided to revive.

Patel said, "I think it is important that the entire economy gets a stimulus because the auto sector would automatically be a beneficiary of that stimulus."

He further added, "As far as the auto sector is concerned, I will be talking to the finance minister as to which is the best way forward. But certainly interest rates and other issues also which have been coming up from time to time. The Rserve Bank of India (RBI) has done some preliminary steps but people are expecting RBI to do more."

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