Amid the slowdown in the economy, Union minister Nitin Gadkari on Saturday exhorted the industries not to lose heart, saying this phase will pass. The Union Minister for Road Transport and MSMEs was speaking at a function to mark 65th foundation day of the Vidarbha Industries Association. 

"I know the industries are going through a tough time now. We want to increase the growth rate. Recently, I met automobile manufacturers at all India convention of automobile industry and all of them were little worried...," Gadkari said.

"I told them, Kabhi Khushi Hoti Hain Kabhi Gam Hota Hain (there are times of joy and times of sorrow), sometimes you succeed, sometimes you fail...life is a cycle.

"So in your life too, because of the global economy, demand, and supply, business cycles you face little problems sometimes. Even the (rest of the) world is facing this problem. So don't get disappointed, this time will pass," Gadkari said.

READ| India Inc hails Rs 70K crore package to boost economy

"And I certainly feel that in coming days we are going to be the fastest-growing economy," he said.

Gadkari on Ola-Uber remark

Gadkari vouched for the much-headlined statement of Finance Minister Nirmala Sitharaman, which asserted that the mindsets of millennials are adversely affecting the automobile industry as they prefer to use radio taxi services instead of buying their own vehicle. 

He said, "That is also one of the reasons. Somewhere because of the global economy, business cycle and demand and supply there is a problem. Somewhere the manufacturing was more than the expectation. Now it is a problem"

READ| 'Economy in deep abyss of Recession': Priyanka Gandhi hits out at BJP

Nirmala Sitharaman on economy slowdown 

Union Finance Minister Nirmala Sitharaman on Tuesday kicked up an uproar stating that the automobile industry is being evidently affected by BS6 (Bharat Stage) and the mindsets of millennials as they prefer Ola or Uber rather than buying their own vehicle.

"The automobile and components industry has been affected by BS6 and the mindsets of millennial, who now prefer to have Ola and Uber rather than committing to buying an automobile," the Finance minister said. 

READ| Shiv Sena backs Manmohan Singh, says 'he understands India's economy'

The Finance Minister has assured that the Ministry will take measures in favour of the automobile industry as it is facing the worst decline recently which is the lowest in two decades. She guaranteed the buyers and the manufacturers in the automobiles industry that vehicles compliant with Bharat Stage IV emission norms registered before March 31, 2020, will be able to run for the entire registration period of the vehicle. She further spoke about Prime Minister Modi's vision to achieve the five trillion-dollar economy goal in the next five years amid an economic slowdown. 

READ| Chidambaram taunts govt over 5% GDP with hand gesture, Swamy counters

(With PTI inputs)