Sushil Kumar Modi’s bizarre explanation on GDP slump: Economic slowdown usual in Saawan, Bhaado

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Published: September 2, 2019 2:23:23 PM

His tweet comes in the midst of a hue and cry by the opposition parties over declining GDP growth. Last week, the Central Statistical Office (CSO) released the data for the April-June quarter of FY 2019-20. The GDP in the first quarter grew at a rate of 5%, a six-year low. The economy grew at a rate of 7.8% in the corresponding period last year.

Sushil Kumar ModiSushil Kumar Modi is the Finance Minister of Bihar. He said that it was a recurring cyclic slowdown in the economy during the Hindu calendar months of Saawan and Bhaado.

Bihar’s Deputy Chief Minister and BJP leader Sushil Kumar Modi has offered a bizarre explanation for the slowdown in the economy in the first quarter of the current fiscal. In a tweet, Sushil Modi, who also is the Finance Minister of Bihar, said that it was a recurring cyclic slowdown in the economy during the Hindu calendar months of Saawan and Bhaado. Modi said that the opposition parties are creating unnecessary ruckus over the slowdown and that the government has taken several measures to push the economy.

“Usually every year there is a cyclic slowdown in the economy during Saawan, Bhaado. But this time some political parties are creating noise over it to vent their frustration after the loss in elections,” he tweeted in Hindi. Saawan and Bhaado are the fifth and sixth months in the Hindu calendar.

His tweet comes in the midst of a hue and cry by the opposition parties over declining GDP growth. Last week, the Central Statistical Office (CSO) released the data for the April-June quarter of FY 2019-20. The GDP in the first quarter grew at a rate of 5%, a six-year low. The economy grew at a rate of 7.8% in the corresponding period last year.

This armed the opposition parties with much needed ammunition to target the Modi government and blame its wrong policies for the slowdown. Former Prime Minister Manmohan Singh also released a video on Sunday in which he blamed the mismanagement by the Modi government for the slowdown.

Sushil Modi also said that the government has announced a 32-point relief package and merger of PSU banks that will boost the lending capacity of the banks. The effects, he said, of the latest decisions will be visible in next quarter.

The Bihar Finance Minister further noted that the slowdown in the economy has not affected the eastern state. “The slowdown has not affected Bihar. There is no fall in the sales of car. The Centre will soon announce the third package,” he added.

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