New Delhi: Rahul Bajaj, Chairman of Bajaj Auto and a Member of Parliament raised concerns in the Parliament over neglect of the auto sector.
He proposed that the finance ministry should involve itself in a solution so that the vehicle manufacturers thrive in a market down turn economy.
"The honourable Finance Minister has said this on more than one occasion that there is no recession. But I cannot sell my vehicles. That is to me, recession. The question is when will more attention be paid, I know the Reserve Bank takes care of the CRR, Repo rates, Reverse Repo rates. There has been loan interest rate cut even in housing, but none for cars, two wheelers, commercial vehicles. The private banks - you said you cannot talk to the private banks, but the public sector banks, I hope they still do listen to our finance minister. I hope loans are provided, not to me Mr Amar Singh, but the customer who is middle class etc," said Rahul Bajaj, addressing P Chidambaram, the Home Minister who took questions for the Finance Minister.
Earlier, in an exclusive to the CNN-IBN channel, Ratan Tata, the chairman of Tata Motors had said that the financial sector has received a shot in the arm by the RBI but it remains ultra risk averse and ultra conservative.
Most auto majors in the country believe that the financial companies should open their doors to consumers who wish to buy vehicles on loans.
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