New Delhi: Amidst criticism of economy going towards slowdown due to policies of the present NDA Government, Prime Minister Narendra Modi today said that that the economy is doing well and government will not hesitate in taking further bold steps for the betterment of it. He said, “Country’s financial stability will be maintained and for this many reform measures were being taken by the government.” Admitting that the GDP had plummeted to below six per cent in April-June Quarter this year, after registering an average growth of 7 to 7.5 percent during the last three years, the Prime Minister expressed his government’s resolve to reverse this trend. Addressing the Institute of Company Secretaries of India (ICSI) Golden Jubilee Celebration here today, He said, “Slowdown in economy is 'Exaggerated By Pessimists'.
During his hour long speech on the economy, Prime Minister lashed out at critics of his economic policy, blaming them for 'spreading pessimism' over 'one quarter of slow growth' and said that growth rate hasn’t fallen to 5.7 for the first time. In UPA regime it had gone down below this level for 8 times. On the demonetization step, taken by the Government on November 8, 2016, the Prime Minister said the step had given positive steps.
Due to this, the cash to GDP ratio has come down to 9 per cent after demonetisation and that it was 12 per cent before November 9, 2016. On the investment front, Mr Modi said, “We have taken many decisions to boost investment and give pace to economic development and this process will continue. (UNI)
