PM Modi slams critics |
India`s Prime Minister Narendra Modi has made a strong defence of the economy and used growth numbers to prove that the country has taken great strides in the last three years of the NDA government. Hitting out at critics of the government`s economic policies, PM Modi pointed out that this wasn`t the first time the country`s GDP has dipped. During six years of the previous government, there were 8 instances when GDP was at or below 5.7 per cent. There were some quarters in which the growth rate plunged as low as 0.2 per cent, he said .In response to the opposition`s charges of an economic crisis, PM Modi admitted that while there has been a slowdown in the current quarter, the government is already working to turn things around. After achieving average growth of 7.5 per cent over three years, he accepts that growth rates came down in April-June, but the government is committed to reverse it. The steps being taken by the government will put the country in a new league of development, he assured. PM Modi said the Reserve Bank of India (RBI) has predicted 7.7 per cent growth in the coming quarters. The central bank also cited the Goods and Services Tax (GST) as a key factor weighing down the growth outlook.
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