Prime Minister Narendra Modi promised the nation to reverse the falling
economic growth curve by continuing the reforms programme, while committing to
address all concerns related to the implementation of goods and services tax.
Modi said creating an atmosphere of gloom over one quarter of slow growth
was not justified, in an apparent reference tp in-house critics like former FM
Yashwant Sinha and former Union Minister Arun Shouri.
We will maintain financial stability and initiate all steps to step up
investment and the growth rate. I want to assure you the steps initiated by the
government will put the country in a league of development," Modi said
while addressing company secretaries.
The government is alive to the problems of sectors that may need immediate
assistance due to the current wave of structural reforms, whether it is MSME,
exports or the non-formal economy," Prime Minister Narendra Modi said on
He added that the government is willing to make changes and improve upon
the GST architecture as and when required in what was meant to address the
concerns of MSMEs and exporters.
During an hour-long speech, preceded by slide presentation contrasting
NDA's economic performance with UPA's, the PM took a dig at those criticising
the economic performance in the last few quarters, saying some people were
overly pessimistic with one quarter's slow growth and were spreading a sense of
The PM said he intends to stay the course as "he cannot mortgage the
country's future, for his own present". The statement came days after Yashwant
Sinha's attack on the handling of the economy by Arun Jaitley and what many saw
as a sharp criticism of Modi himself.
Responding to critics, Modi listed out a series of parameters ó from car
and commercial vehicle sales to demand for home loans and air travel ó to argue
that demand is buoyant and quoted experts to argue the economy's fundamentals
But before that he slammed his opponents saying that when the economy was
growing at a healthy pace, they blamed the data to argue that they could not
"feel" it and that the "ground reality" did not back the
"A handful of these people launched a campaign and blamed the
methodology for estimating GDP. Then these people were talking on the basis of
their feeling that's why they could not see development. But when growth slowed
during the last two quarters to 6.1 per cent and 5.7 per cent, the same
economists found the data to be correct."
Modi said that during the UPA regime, there were eight quarters spread over
six years when the growth rate was 5.7 per cent or lower and slammed the
Congress-led coalition's economic track record.