Narendra Modi on Indian economy: Just Relax

New Delhi: Prime Minister Narendra Modi addresses during the inauguration of the Golden Jubilee Year Celebrations of the Institute of Company Secretaries of India (ICSI) at Vigyan Bhavan in New Delhi on Wednesday. PTI Photo by Kamal Singh(PTI10_4_2017_000142B)

New Delhi: As expected by many, strongly defending his government’s handling of the economy, Narendra Modi is of the opinion that a “handful of people” were trying to spread a wave of pessimism and despair based on the slowdown experienced during just a quarter.

According to PM, he was committed to reversing the setback to growth in the April-June quarter and that structural reforms undertaken during the last three years, including demonetisation, Goods and Services Tax, and the Insolvency and Bankruptcy Code, would help the country step up into the next league.

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“There were quarters when growth was 0.2 per cent, 1.5 per cent,” Modi said. That decline, he said, was more dangerous for the economy, because in those years India was battling “higher inflation, higher CAD and higher fiscal deficit”.

Slamming his critics, he said: “There are some people who sleep well only after they spread a feeling of pessimism. We need to recognise such people.”

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Modi further added that the registration of 2.1 lakh of 3 lakh suspected shell companies was cancelled as part of a sustained and ongoing crackdown on black money.