New Delhi: The Prime Minister Narendra Modi on Wednesday said that his economic growth has decreased in the April-June quarter; he said that his government is committed to leaving behind the fall.
The Modi’s statement is subtracting the growth of the country from 7.3% to 6.7% between the Reserve Bank of India’s background.
Addressing the company secretaries on the occasion of inauguration of ICSI Golden Jubilee year in Delhi, Modi said, “After achieving an average growth of 7.5% for three years, we believe that growth has declined in April-June but the government is committed to take it back.”
In the last quarter, India’s gross domestic product has come down to the lowest level of three years at 5.7 percent. Hitting the critics, Modi said, “During the six years of the previous government, there are 8 instances when the GDP was 5.7 or less, the decline in economic growth in one quarter has encouraged pessimistic; this is not the first time, in any quarter For the first time growth has decreased by 5.7 percent.”
Flaming the opposition, he said, “The rate of inflation during the previous government was higher than the GDP, when a high value rise, fiscal deficit and CAD listened to headlines”. He defended his government and said that the two-digit inflation under the NDA regime has reduced by 3%, the CAD has been brought down by 2.5%, and the fiscal deficit has been reduced by 3.5%.
He said that after demonetization, on November 8, 2016, cash revenues from 12 per cent to GDP ratio came to 9 per cent.
Removing the concerns of the taxpayers, the Prime Minister said that the policies of the government are aimed to “improve lives or poor and middle class”. He said, “The government understands the value of hard work.”
Due to sluggish growth in the economy, in November 2016, the residual effects of the shock note captive and the problems of goods and service tax reform have been attributed.
That, on the obstacles faced by traders due to GST, Modi said that he has asked GST Council to review the barriers and technical barriers in the implementation of the tax regime which completes 100 days in a few days. He said, “The government is ready to change any obstacles in GST,” he said.
