PM Narendra Modi speech: In a stinging retort to critics over alleged economic slowdown, Prime Minister Narendra Modi has defended his government and its financial policy, according to Indian Express report. Terming critics as ‘handful of people’, PM Modi said they were trying to spread a wave of pessimism and despair based on the slowdown experienced during just a quarter. The Prime Minister said this during the inauguration of the Golden Jubilee Year Celebrations of the Institute of Company Secretaries of India (ICSI) at Vigyan Bhavan in New Delhi on Wednesday, the report says. He was addressing Company Secretaries from all over the country, Notably, PM Modi’s remarks came days after former Union Finance Minister Yashwant Sinha, in an editorial piece in The Indian Express, had claimed that PM Modi’s much-discussed moves like demonetisation and the GST rollout were poorly timed and had hit the country’s economy hard. Sinha had alleged that the economy was in such a mess that a revival before the 2019 elections was very unlikely.
Here are 10 things PM Narendra Modi said on Indian economy
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1. The Centre, he said, was committed to reversing the setback to growth in the April-June quarter and that structural reforms undertaken during the last three years, including demonetisation, Goods and Services Tax, and the Insolvency and Bankruptcy Code, would help the country step up into the next league.
2. Allaying concerns over implementation of GST, PM Modi said that he had asked the GST Council to identify bottlenecks faced by small and medium enterprises.
3. The Prime Minister assured that the central government was ready to make amends to help small traders. After note ban, cash intensity has gone down, PM Modi said.
4. Asserting that the fundamentals of the Indian economy are strong and that the reform process will continue keeping financial stability in mind, PM Modi said the dip in economic growth in one quarter was just a temporary blip. And that a rebound was expected in the upcoming quarters.
5. The Prime Minister said that the GDP growth had dipped to 5.7 per cent or below eight times during UPA regime when the nation was faced with high inflation, current account deficit (CAD) and fiscal deficit.
6. “There were quarters when growth was 0.2 per cent, 1.5 per cent,” PM Modi said. That decline, he said, was more dangerous for the economy, because in those years India was battling “higher inflation, higher CAD and higher fiscal deficit”.
7. PM Narendra Modi said that inflation was more than GDP growth during previous regime when high price rise, fiscal deficit and CAD made headlines.
8. Under the NDA government, PM Modi said double-digit inflation had come down to less than 3 per cent, the CAD was brought down to 2.5 per cent and the fiscal deficit reduced to 3.5 per cent.
9. The Prime Minister said that the government has brought in 87 big and small reforms across 21 sectors, making a comparison of the performance of key sectors with that during Congress rule.
10. Lashing out at his critics, PM Modi said: “There are some people who sleep well only after they spread a feeling of pessimism. We need to recognise such people.” Slowing pvt investment, credit growth, job cuts.