The News Scroll 10 February 2020  Last Updated at 6:06 pm | Source: IANS

Not one industry putting up fresh capex of Rs 5,000 cr: NCP

Not one industry putting up fresh capex of Rs 5,000 cr: NCP
Not one industry putting up fresh capex of Rs 5,000 cr: NCP

New Delhi, Feb 10 (IANS) Cornering the government over economic issues, Nationalist Congress Party (NCP) leader Praful Patel on Monday asked the government to name a single industry making a fresh investment of Rs 5,000 crore in the whole country.

"Is there any industry across the country, from North to South and East to West where there is a Rs 5,000 investment which is being put up," Patel said while speaking in the discussion on the Union Budget in Rajya Sabha.

"I am not putting this poser out of blue. It is a fact. Can you count any industry in whole of India which is making a capital investment of Rs 5,000 crore? The answer would be ''No''," he said.

The former UPA Minister said that country''s road sector was being talked a lot but the fact was that there was no private sector participation in the crucial infrastructure sector.

He said that most of the money being spent on road building was out of government funds. Further, the funds had been possible because of the meltdown in the global crude prices and government keeping the price of petroleum products artificially high.

"There is no private sector participation in roads," he said.

Patel said that the country''s industries were facing severe liquidity crunch. Even as the government gave rosy pictures about credit growth, he said, the bankers were not disbursing money.

"I don''t know what fear or what reasons," he said hinting that bankers were in fear and not taking decisions.

About the slowdown in the automobile industry, the NCP leader said that the sector was in complete disarray and no fresh investments are being made by the companies. On budget proposals to boost demand, he said there was nothing in the budget which could be praised.

"As a growing economy, India should have seen investments in the auto sector but it had completely stopped. The sector is reeling under the impact of lesser money in the hands of individuals," Patel said.




Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: IANS
Next Story : Provide necessary finances to MCDs to continue with facilities in their schools: HC to govt
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store