PM Modi slams critics, says GDP dipped to 5.7% or below 8 times under UPA

Prime Minister Narendra Modi today slammed the critics of slowdown during his address at the Golden Jubilee Year celebrations of Institute of Company Secretaries of India at Vigyan Bhavan, New Delhi.

It is not the first time that India’s GDP had fallen to 5.7%, the PM said in response to the critics of the country’s recent growth pangs.

The prime minister went on to mention how inflation and fiscal deficit had dropped under the governance of the Bharatiya Janata Party-led National Democratic Alliance, and that foreign exchange reserves had increased.

Modi also highlighted that after the government scrapped Rs 500 and Rs 1,000 notes on November 8, 2016, the cash to GDP ratio had slumped 9%, compared with 12% before demonetisation. Cash to GDP ratio is the ratio of the government’s public debt to its GDP.

Taking a dig at critics of his government’s handling of the economy, PM Modi remarked, “There are some people who sleep well only after they spread a feeling of pessimism all around.”