GDP growth dipped to 5.7% or below eight times during UPA regime, says PM

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.

Key takeaways:

After achieving average growth of 7.5% over 3 years, we accept that growth rates came down April-June but govt is committed to reverse it

Double digit inflation has come down to less than 3%, current account deficit brought down to 2.5 pc, fiscal deficit reduced to 3.5%

Inflation was more than GDP growth during previous regime when high price rise, fiscal deficit and CAD made headlines

Want to assure traders that necessary changes will be made to GST with the experience of last 3 months

I have told GST council to review the problems being faced by traders & we are willing to make changes as per the suggestions, says Modi

There has been an increase in auto sales, air traffic, air freight & telephone subscribers

Have brought fiscal deficit to 3% despite macro challenges

Decisions of the govt will take the country to the next league

1,20,000 km roads constructed in the last three years by our government

Have asked GST Council to review bottlenecks, technological hindrances, says PM on the new tax regime completing 3 months

Registration of 2.10 lakh companies out of 3 lakh suspicious firms identified post note ban has been cancelled