Prime Minister Narendra Modi on Wednesday lashed out at the Opposition, saying this was not the first time the GDP growth was below 5.7%.
“After Demonetisation, the cash to GDP ratio has come down to 9%, before November 8, 2016, it was 12%... During 6 years of the previous government, there were eight instances when the GDP was at or below 5.7 %,” said Modi while addressing the company secretaries at the inauguration of the Golden Jubilee Year of the ICSI in New Delhi on Wednesday.
He, however, accepted that the growth rates came down during April-June.
“After achieving average growth of 7.5% over three years, we accept that growth rates came down April-June but the government is committed to reverse it,” he said.
Without naming anyone Modi said: “There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people”.
PM Modi said the RBI has predicted 7.7% growth in the coming quarters.
"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," the PM said.
He also assured that the steps being taken by the government will put the country in a new league of development.
He claimed that there has been an increase in auto sales, air traffic, air freight and telephone subscribers.
"The government very well understands value of your hard earned money, our policies and schemes are focused at bettering life of poor and middle class," said Modi, adding that he will not let the present problems jeopardise the future of the country.
He asked company secretaries: "Will you assure that by 2022 our society will be tech complaint and there will be no shell companies?"
(ANI)
