Prime Minister on Wednesday launched a scathing attack at the critics of his government's economic policies, saying this is not the first time that the GDP
has fallen to 5.7%.
"There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people," PM Modi
said while addressing a gathering of company secretaries from across India. "GDP
growth dipped to 5.7% or below eight times during UPA regime when nation was faced with high inflation, current account deficit and fiscal deficit," he said.
"After demonetisation the cash to GDP
ratio has come down to 9 percent, before November 8, 2016 it was 12 percent. During 6 years of the previous government there were 8 instances when GDP
was at or below 5.7 %," he added.
He said that the government will maintain the financial stability and will keep taking necessary steps to boost investment. "Cabinet set up SIT in its 1st meeting to crack black money overseas, passed insolvency & bankruptcy code. Record number of foreign companies are investing in India today," he said.