Modi accepts dip in growth rates, promises to reverse fall; flays critics

05 October, 2017, 00:39 | Author: Becky Perry
  • Demonetisation was the single largest money laundering scheme in the world Arun Shourie

Addressing a gathering of company secretaries at the golden jubilee celebrations of the ICSI, PM Modi likened his critics to Shalya, a character in the epic Mahabharata who fought on the side of the Kauravas.

Furthering his attack on the previous government, the prime minister said, "During the six years of the previous government, there were eight instances when the GDP was at or below 5.7 per cent".

"There are some people who sleep well only after they spread a feeling of pessimism all around".

"Government is committed to reverse this trend.we are capable of that and ready to take decisions", Modi said, adding the decisions taken by the government will take India to a new growth trajectory. Government will continue to push for economy with reforms GDP It is not the first time that India's GDP has come down to 5.7%. "How did this happen when big economists were in charge". Will never jeopardise the country's future for the present gains.

Mr. Modi said that some people in the country find happiness in spreading pessimism. That decline, he said, was more risky for the economy, because in those years India was battling "higher inflation, higher current account deficit and higher fiscal deficit".

Under the BJP government, Modi added, the inflation shrunk to as low as 2.5 per cent, whereas, the Current Account Deficit was brought down from from 4 per cent to 1 per cent, and the fiscal deficit to 3.5 from 4.5 per cent.

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Apart from demonetisation, the Prime Minister also highlighted other steps the government took to curb black money in the economy.

"In the past three years, after registering a growth of over seven percent, we suffered economic slowdown and we are not denying that".

Modi promised a quick turnaround, citing the RBI data released on Wednesday which predicted a 7.7 per cent growth in the last quarter of this fiscal.

Stating an example Modi said, "When you buy your first auto, you will not buy it in compulsion". Modi made comments days after senior BJP leader Yashwant Sinha in an article headlined "I need to speak up now", described the economy as a "mess" that will not resuscitate before the next general elections. Post note ban, the registration of 2.10 lakh companies out of 3 lakh suspicious firms identified, has been cancelled, he informed. "Nobody had then claimed that doomsday was near", the Prime Minister remarked. Hoarding black money is not an easy task now.

He reminded the audience that India has also seen quarters when the growth rate fell 0.2 percent and 1.5 percent. The government, he said, was not averse to criticism on economic matters.

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