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Modi assures necessary steps to promote economic development

Posted in Featured, S. Asia

Published on October 08, 2017 with No Comments

The Congress hit out at Prime Minister Narendra Modi over his speech that praised his government’s performance, saying “melodramatic theatrics” can never substitute solid facts and all economy drivers were “sputtering and stumbling.”

Following Modi’s speech at a function of Institute of Company Secretaries of India at the Vigyan Bhavan in New Delhi, Congress spokesperson Randeep Singh Surjewala said the government had not been able to fulfill its promise of generating jobs.

He accused Modi of indulging in “sugar-coated theatrics”.

In a series of tweets, Surjewala said

Prime Minister of India Narendra Modi took on the opposition and critics of his government’s economic policies and expressed commitment to carrying out further reforms to reverse the trend of declining GDP (gross domestic product) growth, by presenting data to make a strong statement.


Modi compared the achievements of the three years of the National Democratic Alliance (NDA) government led by him against the failures of the previous United Progressive Alliance (UPA) regime, arguing this was not the first time that the economic growth had fallen to 5.7 per cent in a quarter.  He said the current government had made a paradigm shift from policy paralysis of the previous government to policy implementation.

Modi assured the companies coming into the formal economy, that they would not be hounded and their old records would not be examined. He said demonetisation had led to a reduction in the cash to GDP ratio to 9 per cent now, compared with over 12 per cent before November 8, 2016.


Amid concerns raised by many over hassles under the goods and services tax (GST) regime, the Prime Minister said the new tax system had added 1.9 million new taxpayers. Modi plans to hold the meeting of the GST council on Friday and he assured that changes would  be made in the new system as and when the need arose.

On job creation, he said the reforms undertaken by his government were playing a big role in employment generation. “This is true that after recording 7.5 per cent GDP growth on an average in the previous three years, economic expansion declined to 5.7 per cent during the April-June quarter of the current financial year. But, this is also true that this government is committed to reversing this trend,” Modi said, speaking at the 50th anniversary of the Institute of Company Secretaries of India (ICSI).

He rolled out the statistics of auto sales, tractor sales, two-wheeler sales, rise in domestic air traffic, telecom subscribers, sale of FMCGs, PMI numbers, natural gas production, disbursal in personal loans, advances by housing finance companies, non-banking finance companies, capital market numbers to buttress his point that demand had revived in the economy.

He said the government had taken many important decisions aimed at economic reforms and this process would continue. “We will continue to take necessary steps to promote economic development and foreign direct investment. We will also maintain financial stability.”


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