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Won't jeopardise future for present gains, vow to reverse GDP slowdown: PM

Lashing out to the critics, he said this wasn't the first time GDP has fallen to 5.7%

Press Trust of India  |  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. (Photo: PTI)
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. (Photo: PTI)

Lashing out at the critics of his economic policies, Prime Minister on Wednesday said was on firm footing and that he will never jeopardise the country's future for the present

In an over hour long speech, punctuated with sharp comments and comparisons with track record of previous regime, Modi told a gathering of that his will continue the reforms and will not hesitate to take decision to reverse the slowdown witnessed in last two quarters.


"I will not jeopardise the future of the country for my present gains," he said, adding the would focus on structural reforms rather than giving doles to win praises.

Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the had brought down from 10 per cent in the regime to 2.5 per cent, shrunk Current Account Deficit to near 1 per cent from 4 per cent and brought down fiscal deficit to 3.5 per cent from 4.5 per cent.

growth was 5.7 per cent or less than that on eight occasions during previous government, he said, lamenting how pessimists were calling April-June growth of 5.7 per cent as doomsday.

Modi made comments days after senior leader Yashwant Sinha in an article headlined "I need to speak up now", described the economy as a "mess" that will not resuscitate before the next general elections.

"is committed to reverse this trend...we are capable of that and ready to take decisions," Modi said, adding the decisions taken by the will take India to a new growth trajectory.

The Prime Minister said there was a time when India was part of 'fragile-5' and the pulled it out to make it the fastest growing economy for most part of its three-year rule.

The government, he said, was aware that growth has slowed and is taking steps to improve it.

Addressing concerns over implementation of the Goods and Services Tax (GST) regime, the Prime Minister said, he has asked the GST Council to identify bottlenecks and technological hurdles faced by businesses especially small and medium enterprises.

The government, he said, is ready to make amends to help small traders.

Modi said registration of 2.1 lakh out of 3 lakh suspected shell companies identified post note-ban has been cancelled in a crack down on the blackmoney.

First Published: Wed, October 04 2017. 21:55 IST
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