New Delhi, Oct 4: Accepting that the growth rate has slumped down to some extent in April-June quarter, Prime Minister Narendra Modi reiterated his government’s resolve to reverse the slide.
Modi was addressing the golden jubilee year celebration of the Institute of Company Secretaries of India (ICSI) at Vigyan Bhavan on Wednesday.
Terming demonetization as the great success the Prime Minsiter said that November 8 2016 will go down in the annals of the history of Independent India as the “first day of the war against corruption”.
After demonetisation cash to GDP ratio has become 9%, down from 12% before November 8, 2016, the Prime Minister said adding that it was this government that had the courage to take the demonetization decision.
Hitting out at critics who spoke of an economic slowdown, Modi said that during the previous government’s tenure the growth rate fell to as low as 5.7% on six occasions.
Listing out the achievements of his government in the three years the Prime Minster said that though the process of liberalisation began in 1992, it was only during 2014 to 2017 the country could get maximum FDI in construction, mining, computer software and hardware, and renewable energy sectors ranging in 75 to 49 per cent.
Rising FDI inflows are proof that foreign investors trust the Indian economy, have faith in government’s policies & most of all, our intentions, the PM said.
“Since June, commercial vehicle sales up 23% and passenger vehicles up 12%, two-wheeler sales up over 14%. What would you say to that?" the Prime Minister asked.
He further said that domestic air traffic has grown to 14% in last two months, Air freight volume has increased by 16%, and telephone subscribers has gone up by over 14%.
“These indicators show an uptick in urban demand & in rural sector. This happens when people are confident,” he said.
“Three months after GST, we have got feedback on all nitty-gritties. And I have told the GST Council must review all problems now,” the PM said.
“I want to assure traders across the country - Hum Lakeer ke Fakeer nahi hain. We don’t claim we know everything. This government is with you and will do all it takes to make GST simpler,” the Prime Minister said.
He said that he was not an economist the Prime Minister said that India was part of Fragile five economies. “Even someone like me who isn’t an economist, wonders how this happened with an economist in charge."
Prime Minister hits out at those who doubted official data. “When CSO showed 7.4% growth, the same people questioned it and said it doesn't feel like that in 'ground reality'. Over the last 2 quarters, when growth fell to 6.1% & 5.7%, these people started loving the data.”
The PM said that he would not compromise with country’s future at any cost and appealed to the company secretaries to help achieve transparent economy in the country to improve economic self-reliance.