New Delhi, Aug 23: Union Finance Minister Nirmala Sitharaman announced a major relief for the auto industry during a press conference on Friday.
She said that the rest of the world is also facing recession and India's economy is in a better condition than the rest of the world.
The Finance Minister said that there is a need to understand the global recession. She asserted that due to the ongoing trade war between China and the USA, the problem of recession is coming to the fore.
Making a big announcement for the auto sector as well, the Finance Minister said that there will be no problem in using BS-IV engine vehicles purchased by March 2020.
The increase in registration fees has also been postponed till June 2020. He said that due to the government's emphasis on electric vehicles, petrol and diesel vehicles were expected to be shut down and due to this there were complaints of sales being down.
"It is not that the problem of recession is only for India but also the rest of the world is facing recession at this time," Nirmala Sitharaman said.
She said that reform is a continuous process and there have been continuous economic reforms in the country.
"India's economy has been much better than other countries," the minister claimed.
The Finance Minister said that the government is continuously working towards economic reforms. Income tax return (ITR) has become much easier than before. GST will also be made easier. He said that our growth rate is also very good compared to many countries.
News24 Bureau with Agency inputs
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