I won't let problems jeopardize future of the country, says PM Modi

I won't let problems jeopardize future of the country, says PM Modi

Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the BJP government had brought down inflation from 10 percent in the UPA regime to 2.5 percent, shrunk Current Account Deficit to near 1 percent from 4 percent and brought down fiscal deficit to 3.5 percent from 4.5 percent.

During the program the prime minister further added that inflation rate during the previous governments was more than the GDP growths.

Addressing a meeting of company secretaries, Mr Modi said, "It is not the first time that India's GDP growth had fallen to 5.7 per cent. Dip in economic growth in one quarter has boosted pessimists; this is not the first time growth has dipped to 5.7 per cent in any quarter", he said.

The government, he said, was committed to reversing the setback to growth in the April-June quarter.

The Prime Minister, however, said that not everything that a critic says is wrong, but one should refrain from creating a negative environment in the country. They have been cheered by the opposition Congress, which has attacked PM Modi and his government repeatedly over the economic slowdown. "We need to recognise such people".

"I have told the GST council to review the problems being faced by traders and we are willing to make changes as per the suggestions", he added.

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Those instances of slow growth were even more unsafe, he said, as it came at a time when India was trying to deal with higher inflation, current account deficit and fiscal deficit. He defended his government saying that under the NDA regime double digit inflation came down to less than 3 percent, CAD was brought down to 2.5 percent, and fiscal deficit was reduced to 3.5 percent.

Stating an example Modi said, "When you buy your first vehicle, you will not buy it in compulsion". "Government very well understands the value of your hard earned money", he said.

PM Modi's comments come days after former Finance Minister Yashwant Sinha wrote a stinging piece and accused the Prime Minister and Finance Minister Arun Jaitley of leaving the economy in a mess.

Dubbing the note ban move as "idiotic jolt" Shourie said that "everyone who had black converted it into white" adding that demonetisation was the largest 'money-laundering scheme'. "Nobody had then claimed that doomsday was near", the Prime Minister remarked.

He reminded the audience that India has also seen quarters when the growth rate fell 0.2 percent and 1.5 percent. "This happens when the people have faith in the government and they know that the economic condition of the country is sound".

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