Lower Growth in One Quarter is a Non-Issue, says PM, Assures A Bright Future

Dismissing the criticism of the opposition on the economic slowdown, Prime Minister Narendra Modi said Modi said on Wednesday that “a lower growth rate in one quarter is a non-issue” and “there is no need to worry and spread pessimism”.

Hitting out at the opposition, Prime Minister Modi said that the slowdown didn’t happen for the first time and during the tenure of UPA, “there were 8 instances when GDP was below 5.7 per cent”.

“In 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 said, showing the mirror to the Opposition.

“There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people,” the PM Modi, said in his address at the inauguration of Golden Jubilee Year of the Institute of Company Secretaries of India (ICSI) in the national capital.

Reminding the naysayers of the recent reforms brought in by the government, the PM said that in last three years, “ the government had brought in 87 reforms (small to large) connected to 21 sectors”.

“Registration of 2.10 lakh companies out of 3 lakh suspicious firms identified post note ban has been cancelled,” Modi said, adding that there will be no shell companies by 2022…“In the changing economic scenario honest people will be protected,” Modi said, counting on the positives of demonetisation.

He said that “This is the time of a big transformation, the importance of honest and transparent governance is being realized,” Modi said.

He further asserted that government is ready to rake tough decisions which will take economy on the path of development.

“I assure that the steps being taken by the government will put the country in a new league of development,” Modi said.

At the same time he reassured the audience that the impact of these reforms will be only temporary.

“I will not let the present problems jeopardize the future of the country,” PM said.

“This government understands the value of every penny earned by you. Therefore government policies and schemes are focussed on make lives better for the poor and middle class”.

These reforms, according to Modi, is reflected in the confidence of foreign

investors.

“If we compare the foreign investment in last three years to the foreign investment received post opening up of economy, then you will understand the result of the ongoing reforms by this government,” he added.