Narendra Modi hits out at slowdown critics, says GDP hasn't fallen for first time
ECONOMICTIMES.COM|
Updated: Oct 04, 2017, 08.21 PM IST
NEW DELHI: Prime Minister Narendra Modi today slammed the critics of slowdown during his address at the Golden Jubilee Year celebrations of Institute of Company Secretaries of India at Vigyan Bhavan, New Delhi.
It is not the first time that India's GDP had fallen to 5.7%, the PM said in response to the critics of the country's recent growth pangs.
Modi said Indian economy was on firm footing and that he will never jeopardise the country's future for the present gains. He insisted his government would continue the reforms and will not hesitate to take decision to reverse the GDP slowdown witnessed in last two quarters.
"Government is committed to reverse this trend...we are capable of that and ready to take decisions," Modi said, adding the decisions taken by the government will take India to a new growth trajectory.
The economy of the country has also seen quarters when the growth rate fell below 0.2 percent and 1.5 percent, Modi reminded the audience.
During previous governments there were 8 instances when GDP was at or below 5.7 %, he said. Slamming naysayers' criticism, saying it was just one quarter of tepid growth under NDA versus 8 quarters of sloth under the previous regime.
Modi said lower growth in one quarter was a non-issue. The government, he said, was aware that growth has slowed and is taking steps to improve it.
Modi said RBI has predicted 7.7% growth in the coming quarters, adding there has been an increase in auto sales, air traffic, air freight and telephone subscribers.
"I assure that the steps being taken by the government will put the country in a new league of development," Modi said. About business inconveniences caused by GST, he said that he had instructed the GST council to review the problems being faced by traders and that they were willing to make changes as per the suggestions.
The government, he said, is ready to make amends to help small traders.
"There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people."
Modi said registration of 2.1 lakh out of 3 lakh suspected shell companies identified post note-ban has been cancelled in a crack down on the black money.
"We made strict black money rule...Demonetisation a great success... Hoarding black money is not an easy task anymore."
Modi told company secretaries that their honest advice can make a big difference to the country's corporate governance.
"It is you who determine corporate culture. It's your organisation's duty to show people the right path," he said.
Company secretaries had a big role to play in keeping the country on the right track, Modi said. He also urged to them purge the bad eggs, invoking a Sanskrit sloka that says, "Setting fire to one single tree is enough to burn the whole forest down."
It is not the first time that India's GDP had fallen to 5.7%, the PM said in response to the critics of the country's recent growth pangs.
Modi said Indian economy was on firm footing and that he will never jeopardise the country's future for the present gains. He insisted his government would continue the reforms and will not hesitate to take decision to reverse the GDP slowdown witnessed in last two quarters.
"Government is committed to reverse this trend...we are capable of that and ready to take decisions," Modi said, adding the decisions taken by the government will take India to a new growth trajectory.
GDP growth rate over the years. pic.twitter.com/YjkW9LUeJr
— PMO India (@PMOIndia) October 4,
2017In the times of Manmohan Singh and Chidambaram managed economy, we were NOT in G-8 or G-20 but in 'Fragile-5". How did it happen when big economists were there, he asked.
The economy of the country has also seen quarters when the growth rate fell below 0.2 percent and 1.5 percent, Modi reminded the audience.
During previous governments there were 8 instances when GDP was at or below 5.7 %, he said. Slamming naysayers' criticism, saying it was just one quarter of tepid growth under NDA versus 8 quarters of sloth under the previous regime.
Modi said lower growth in one quarter was a non-issue. The government, he said, was aware that growth has slowed and is taking steps to improve it.
Modi said RBI has predicted 7.7% growth in the coming quarters, adding there has been an increase in auto sales, air traffic, air freight and telephone subscribers.
"I assure that the steps being taken by the government will put the country in a new league of development," Modi said. About business inconveniences caused by GST, he said that he had instructed the GST council to review the problems being faced by traders and that they were willing to make changes as per the suggestions.
The government, he said, is ready to make amends to help small traders.
"There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people."
Defending demonetisation, Modi said it proved that the country could run normally with less cash. He also hailed note ban as the death knell to black money, which has long been the country's scourge.There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people: PM @narendramodi
— PMO India (@PMOIndia) October 4, 2017
Modi said registration of 2.1 lakh out of 3 lakh suspected shell companies identified post note-ban has been cancelled in a crack down on the black money.
"We made strict black money rule...Demonetisation a great success... Hoarding black money is not an easy task anymore."
Modi told company secretaries that their honest advice can make a big difference to the country's corporate governance.
"It is you who determine corporate culture. It's your organisation's duty to show people the right path," he said.
Company secretaries had a big role to play in keeping the country on the right track, Modi said. He also urged to them purge the bad eggs, invoking a Sanskrit sloka that says, "Setting fire to one single tree is enough to burn the whole forest down."
