New Delhi, oct 12: The Modi government remains in denial mode on the issue of economic slowdown rather Ministers are coming up with weird logic to justify their wrong conclusion that Indian economy is well under Narendra.
Union minister Ravi Shankar Prasad has came out with a bizarre logic to support the government’s claim that the economy is doing well because 3 Bollywood Films Made 120 Crore In A Day.It is being perceived that according to the ministers of Modi regime the proof of economy collapsing is when people of India sit at home without even consuming wtaer, electricity and food.
In Mumbai to campaign for the BJP in the coming assembly elections in Maharashtra, Prasad argued that the box office performance of three Bollywood movies presented a rather different picture of the economy than claimed by most financial experts.
“I was also told that on October 2, which is observed as one of the national holidays, three Hindi movies garnered Rs. 120 crore business on that day. Unless the economy is sound in the country how can only three movies collected so much business in a single day?” the minister was quoted as saying by news agency Press Trust of India.
“Electronic manufacturing, Information and Technology sector, Mudra loan, commerce services are performing very well. We never said that we will give government jobs to everyone… There are some people who have organised against the government and misleading people over unemployment,” Prasad said weeks after the economic growth dipped to a five-year low.
It is pertinent to mention that the International Monetary Fund has recently raised alarm that the worldwide economic slowdown is more pronounced this year in India and Brazil. Pointing to the two nations, IMF Managing Director Kristalina Georgieva said 90 per cent of the world is likely to have slower growth in 2019.
To which Prasad said, “The measurement of IMF about India is still incomplete. And do not forget, India was on the 11th position when Manmohan Singh was in power; today it is the fifth largest. We have surpassed even France”.
It seams Modi government has decided to deny the survey or the reports prepared by international community when it comes to India but uses this for other countries at their own will.
The Modi 2.0 government has set itself a goal to make India a $5 trillion-sized economy by 2024. But for this, the economy needs to grow in the range of 8 per cent every year. With high unemployment rate, infrastructure sectors and the automobile sector are in crisis,it is herculean task to achieve the target of USD 5 trillion in five years.
Earlier this year, an unreleased report of the periodic labour force survey of the National Sample Survey Office also indicated that employment figures are at a 45-year low, standing at 6.1 per cent in 2017-18, the Business Standard newspaper reported.
The infrastructure sectors and the automobile sector are in crisis. In September the passenger vehicle sales slumped 23.7 per cent, the eleventh straight month of decline. Car and auto component makers have cut thousands of jobs and halted some production.
“We are very confident about achieving the goal of USD 5 trillion economy is the next five years but there are some people who raise questions on it. They ask what is the need of this and why it is being done. We can call these types of people professional pessimists,” he said.