Prime Minister Narendra Modi slamming the critics of economic slowdown during his address at the golden jubilee year celebration of Institute of Company Secretaries of India (ICSI) at Vigyan Bhavan in New Delhi on Wednesday said, “It is not the first time that India’s GDP had fallen to 5.7 percent.”
Modi insisted that his government would continue the reforms and will never hesitate to take tough decisions to reverse the GDP slowdown witnessed in the last two quarters.
He asked, “In the times when Manmohan Singh and Chidambaram took care of the economy, we were not in G-8 or G-20 but in ‘Fragile-5’. How did this happen when big economists were in charge.”
He reminded the audience that India has also seen quarters when the growth rate fell 0.2 percent and 1.5 percent.
Modi further added that lower growth in one quarter in a non-issue.
“The government is aware of the situation and taking adequate steps to improve it,” added Modi.
He added, “The growth rate decreased between April and June, but the government is committed to improve it.”
The prime minister also said that the RBI has predicted a 7.7 percent growth in coming quarters.
During the program the prime minister further added that inflation rate during the previous governments was more than the GDP growths.
“High inflations, fiscal deficit and current account deficit made headlines during regimes,” added Modi.
He further said that his critics are seeing the slowdown in the last two quarters but ignored the fact that BJP government has brought down inflation rate from 10 percent in UPA regime to 2.5 percent.
GDP growth rate over the years. pic.twitter.com/YjkW9LUeJr— PMO India (@PMOIndia) October 4, 2017
Current account deficit has shrunk to 2.5 percent and the fiscal deficit has moved down to 3.5 percent.
Stating an example Modi said, “When you buy your first car, you will not buy it in compulsion. What will you say about rise in passenger cars by 12 percent after the month of June, 23 percent rise in commercial vehicles, 14 percent rise in two-wheelers, 14 percent rise in domestic air traffic and 16 percent increase in air freight.”
The prime minister also presented the rise in tractor sales in rural areas.
Inflation over the years. pic.twitter.com/iP6gyhoLGh— PMO India (@PMOIndia) October 4, 2017
“In rural areas, sale of tractors has increased by 34 percent. This happens when people of the country are confident about the rising economy,” said Modi.
The prime minister also informed that production of coal, electricity and natural gas has also increased.
The prime minister further said the NDA government in the last three years has undertaken 87 reforms in 21 sectors and the country has come out of "policy paralysis" to become a nation of "policy maker and policy implementer".
He added that the government has worked a lot on developing roadways, electricity, shipping, railways, infrastructure projects.
“In the last three years railway network has been increased by 2100 kilometer, while the last government in the similar period had set only 1300 kilometers,” said Modi.
He added that the previous government during in its last three years build road network of 80,000 kilometers only, while NDA government in its first three years built roads stretching upto 1 lakh 20 thousand kilometers.
Here are some numbers from the railways sector. pic.twitter.com/jiCmqSVKB2— PMO India (@PMOIndia) October 4, 2017
Modi further added that the previous government had only spent Rs 93 thousand crore to build roads, while the BJP-led government in the first three years spent more than Rs 1 lakh 83 thousand crore.