Modi Promises Steps To Reverse GDP Slowdown; Lashes Out At Critics
PM Narendra Modi replies to critics of the government.
Lashing out at the critics of his economic policies, Prime Minister Narendra Modi today said the Indian economy is on firm footing and that he would never jeopardise the country’s future for present gains.
In an over hour-long speech, punctuated with sharp comments and comparisons with track record of previous United Progressive Alliance regime, Modi told a gathering of Company Secretaries that his government will continue with reforms and not hesitate to take decisions to reverse the growth slowdown witnessed in the last two quarters.
“I will not jeopardise the future of the country for my present gains,” he said, adding that the government would focus on structural reforms rather than giving doles.
Modi said his critics were seeing a slowdown in the last two quarters but were ignoring the fact that the BJP government had brought down inflation from 10 percent in the UPA regime to 2.5 percent, shrunk current account deficit to near 1 percent from 4 percent, and brought down fiscal deficit to 3.5 percent from 4.5 percent.
GDP growth was 5.7 percent or less than that on eight occasions during previous UPA government, he said, lamenting how pessimists were calling April-June growth of 5.7 percent as doomsday.
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.
“Government is committed to reverse this trend...we are capable of that and ready to take decisions,” Modi said, adding the measures taken by the government will take India to a new growth trajectory.
The Prime Minister said there was a time when India was part of ‘fragile-5’ and the BJP government pulled it out to make it the fastest growing economy for most part of its three-year rule.
The government, he said, was aware that growth has slowed and is taking steps to improve it.
Addressing concerns over implementation of the Goods and Services Tax regime, the Prime Minister said, he has asked the GST Council to identify bottlenecks and technological hurdles faced by businesses especially small and medium enterprises.
The government, he said, is ready to make amends to help small traders.
Modi said registration of 2.1 lakh out of 3 lakh suspected shell companies identified post note-ban has been cancelled in a crackdown on black money.