Kolkata: Union minister Arjun Ram Meghwal on Thursday said the Centre will do everything to ensure that the economy remains on track and is not weakened so that the country reaches it target of USD five trillion economy.
Meghwal, who is the union minister of state for heavy industries and public enterprises, said during the tenure of the UPA government the country's economy was ranked 11th in the world and now under the BJP-led NDA government it has climbed to the fifth position.
"Our target is the third position. So we can't afford to allow the economic growth to be weakened," he told newsmen here.
"When we are talking about our target of becoming a USD five trillion economy, we will never allow the economic growth to be weakened. We will do everything that is necessary," he said.
Commenting on the country's largest carmaker Maruti Suzuki India (MSI) suspending production at its Gurugram and Manesar plants for two days, Meghwal said it is imperative that the country moves from BS4 to BS6 to control carbon emission.
It is also imperative that the car industry of the country moves towards electric engines.
"We have to move forward from from BS4 to BS6 engines and also move towards electric engines. The western nations have already moved towards it. We need to control the carbon emissions. These are issues that come up during transitional phases and we are constantly in touch with people from the automobile industry," he said.
The BS in BS VI stands for Bharat Stage which signifies the emission regulation standards set by Indian regulatory bodies. The higher the number gets, the stricter the Bharat Stage emission norms.
Maruti Suzuki India (MSI) HAD said on Wednesday that it will suspend production at its Gurugram and Manesar plants on September 7 and September 9.
Reeling under severe slowdown, the auto major had reduced its production by 33.99 per cent in August, making it the seventh straight month of reduction.
As per the official data the growth in India's economy has slumped to an over six-year low of 5 per cent in the April-June quarter of 2019-20.
The Centre had on August 30 unveiled a mega plan to merge 10 public sector banks into four with a view to creating fewer and stronger global-sized lenders with robust balance sheets that can be used to boost credit and spur growth.