Economy

Sitharaman reassures against fear of job losses

Sitharaman reassures against fear of job losses

Finance Minister Nirmala Sitharaman has reassured that the proposed merger of banks would not lead to job losses. 

Speaking to reporters in Chennai, she said declared that not even a single employee would be removed following the amalgamation. She downplayed reports of possible job loss due to the bank merger, terming them as ‘absolutely ill-informed’.

On August 30, 2019 Nirmala Sitharaman had unveiled the Government’s plan to merge 10 public sector banks into 4. The move is aimed at creating stronger lenders on the global scale. The deceleration met with protests by some bank unions as they anticipated loss of jobs. 

Asked whether there was any slowdown in the economy, the Finance Minister said the government was responding to it sect-orally, based on their requirement. 

She said the government responds to every sector of the Indian economy when it approaches for solutions. 

To a question about the automobile industry pushing for a GST rate cut, Sitharaman said it would be decided by the GST Council.

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