Bihar Deputy Chief Minister and Finance Minister Sushil Kumar Modi on Sunday, September 1, said that in the name of slowdown some opposition parties were trying to create panic in the country.
“Usually every year there is a cyclic slowdown in the economy during saawan-bhado (the fifth, sixth months in the Hindu calendar), but this time some are creating noise over it in order to vent their frustration after loss in polls,” the Deputy Chief Minister tweeted.
“Central government’s announcement of 32-point relief package, the merger of 10 banks will increase the lending capacity of banks, the effects of which will be visible in the coming trimester,” the tweet read.
केंद्र सरकार ने अर्थव्यवस्था में तेजी लाने के लिए 32 सूत्री राहत पैकेज की घोषणा और 10 छोटे बैंकों के विलय की पहल से लेंडिंग कैपिसिटी बढ़ाने जैसे जो चौतरफा उपाय किये हैं, उनका असर अगली तिमाही में महसूस किया जाएगा।
वैसे तो हर साल सावन-भादो में मंदी रहती है, लेकिन इस बार……. pic.twitter.com/6pu1xkqzWP
— Sushil Kumar Modi (@SushilModi) September 1, 2019
The economic growth slowed to a six-year low of 5 per cent in the April to June quarter.
Various opposition parties, including the former Prime Minister and economist Manmohan Singh, strongly voiced against the Modi government, blaming its policies for the economic slowdown in the country.
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“India has the potential to grow at a much faster rate, but the all-round mismanagement by the Modi government has resulted in this slowdown,” Dr Singh said on Sunday, September 1.
“Domestic demand is depressed and consumption growth is at an 18-month low. Nominal GDP growth is at a 15-year low. There is a gaping hole in tax revenues. Tax buoyancy remains elusive as businessmen, small and big, are hounded and tax terrorism continues unabated. Investor sentiments are in the doldrums. These are not the foundations for economic recovery,” the former PM added.
