emfizz.com October 24, 2017

Growth has fallen, but govt. can reverse trend, says PM

05 October 2017, 12:39 | Bernard Bryant

PM Narendra Modi

PM Narendra Modi

Reminding the naysayers of the recent reforms brought in by the government, the PM said that in last three years, " the government had brought in 87 reforms (small to large) connected to 21 sectors".

Apart from demonetisation, the Prime Minister also highlighted other steps the government took to curb black money in the economy.

Addressing a gathering of company secretaries at the golden jubilee celebrations of the ICSI, PM Modi likened his critics to Shalya, a character in the epic Mahabharata who fought on the side of the Kauravas.

In a veiled attack on opposition parties and likes of Yashwant Sinha and Arun Shourie, PM Modi said, "There are some people who sleep well only after they spread a feeling of pessimism all around".

Earlier, Modi's predecessor Manmohan Singh also expressed concern over the dip in April-June quarter of the economy.

Modi added that after achieving average growth of 7.5 percent over 3 years, growth rates came down April-June but he exhuded confidence that the steps being taken by the government will put the country in a new league of development.

"I will not jeopardise the future of the country for my present gains", he said, adding that the government would focus on structural reforms rather than giving doles to win praises. "We need to recognise such people".

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Modi said that the previous UPA governments did not have the courage to approve demonetisation or GST, but his government did it, adding, "I have asked (the) GST Council to review the bottlenecks and technological hindrances".

Modi insisted that his government would continue the reforms and will never hesitate to take tough decisions to reverse the GDP slowdown witnessed in the last two quarters.

He said: "GDP growth dipped to 5.7% or below eight times during UPA, regime when nation was faced with high inflation, CAD and fiscal deficit". "Double-digit inflation has come down to less than three percent, CAD brought down to 2.5 percent, fiscal deficit reduced to 3.5 percent", Modi claimed.

In an op-ed last week, Sinha had described the economy as a "mess" that will not resuscitate before the next general elections.

"This government understands the value of every penny earned by you".

Summary: "Now it's time for company secretaries optimally unleash their professional acumen, seize the various opportunities offered by the government, perform a dual role - firstly as a young professional and secondly as a company law expert", Radhakrishnan said. Hailing demonetisation as hugely successful, the Prime Minister said that it helped in hoarding of black money.

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