PM Modi yesterday, in pressure over slow economic growth and weak foreign investment sectors, prefers attack as the best defence. Armed with facts plus figures to answer the rising clamour concerning the economy is in distress. PM Modi supposed that a “handful of people” are trying to spread cynicism based on the delay in the previous economic quarter.
Reiterating that the basics of the Indian economy are sturdy and that economic growth is on the way. Mr Modi assures a gathering of company secretaries that he was not one to jeopardy the country’s future for short-term gains.
He alleged, “I will not put at risk the future of the country for my present gains,” adding that verdict taken by his government will get India on a new growth route.
PM Modi also assures that his government will not falter to take decisions to overturn the downward drift if it continues. “Government is all set to reverse this trend… We are competent of that and all set to take decisions,” he supposed.
PM Modi at last breaks his silence on the country’s deprived economic growth. Following former finance minister plus BJP leader Yashwant Sinha lambasted the fiscal policies of his regime, Mr Modi alleged, “Several people sleep well merely after they spread a feeling of doubt. We have to recognise such people.”
Lamenting how a few people were calling April-June expansion of 5.7 % doomsday. He supposed, “India’s growth rate was under 5.7 % at least eight times in six years below the UPA government”.
PM Modi, speaking for more than an hour at New Delhi’s Vigyan Bhawan, continually attacked the economic track record of the prior UPA regime. He said that critics were seeing the delay in the last two quarters. But was overlooking that the BJP government had made down inflation from 10 % in the UPA regime to 2.5 %. Also, it shrunk Current Account Deficit to about 1 % by 4 %. It brought down fiscal shortfall to 3.5 % from 4.5 %.
The PM Modi suppose there was a time when India was the division of a group of countries known as “fragile five” . BJP government had pulled it out to build it the fastest growing economy. And it is done for the majority part of its three-year tenet.
Defending his government’s essential verdict, the PM Modi alleged that only his government had the guts to declare demonetisation. Introduction of the “Goods and simple tax or GST” was strengthening institutional honesty.
Addressing anxiety over the implementation of GST system, the Prime Minister Narendra Modi supposed that he had asked the GST Council to classify bottlenecks along with technological obstacle faced by businesses, especially small as well as medium enterprises. The government, he alleges, is all set to make amends to assist small traders. The Prime Minister supposed that his government would stay focused on structural reforms. In addition to, spoke of the 87 reform measures commences crosswise 21 sectors.