Published: Thu, October 05, 2017
Economy | By Melissa Porter

PM Modi compares 'pessimistic' critics to Mahabharata's Shalya

PM Modi compares 'pessimistic' critics to Mahabharata's Shalya

While the critics have raised hue over the slump in April-June growth figures, none of them have conceded the steps taken by the government to "break the back of inflation", Modi said, recalling the 10 per cent inflation rate prevailing during the outgoing phase of the erstwhile government. "We need to recognise such people", PM Modi said.

Prime Minister Narendra Modi on Wednesday lashed out at the Opposition, saying this was not the first time the GDP growth was below 5.7%. "November 8, 2016 will be known in history as the first day in the war against corruption and black money", Mr. Modi said, adding that after the note ban, the country's cash to GDP ratio had come down to 9% from 12% before November 8, 2016. That decline, he said, was more unsafe for the economy, because in those years India was battling "higher inflation, higher current account deficit and higher fiscal deficit".

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. "I will not jeopardise the future of the country for my present gains".

GDP growth was 5.7 per cent or less than that on eight occasions during previous UPA government, he said, lamenting how pessimists were describing the April-June growth of 5.7 per cent as doomsday.

In an over hour long speech, punctuated with sharp comments and comparisons with track record of previous UPA regime, Modi told a gathering of Company Secretaries that his government will continue reforms and will not hesitate to take decisions to reverse the GDP slowdown witnessed in the last two quarters. "How did it happen when big economists were there?" said PM Modi in an apparent jibe at economist and former Prime Minister Manmohan Singh.

Assuring his audience, Modi said decisions of the govt will take the country to the next league.

"Today, financing is not limited to banks so you can clearly see the difference our government has made in three years", Modi said.

Summary: "Now it's time for company secretaries optimally unleash their professional acumen, seize the various opportunities offered by the government, perform a dual role - firstly as a young professional and secondly as a company law expert", Radhakrishnan said. Followed by his offensive against the Modi regime, Shourie, while speaking to a news channel, said demonetisation was the "largest money laundering scheme".

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