Facing flak, Ravi Shankar Prasad withdraws statement on Indian economy

After Union Minister Ravi Shankar Prasad faced flak for his comment that the country's economy is sound, the BJP leader on Sunday withdrew his remark.

However, Prasad also defended his statement saying it was factually correct and expressed regret that one part of his remark was "completely twisted out of context".

"My comments made yesterday in Mumbai about three films making Rs 120 crore in a single day -- the highest ever, was a factually correct statement. I had stated this as I was in Mumbai - the film capital of India. We are very proud of our film industry which provides employment to lakhs of people and contributes significantly by way of taxes," he said.

"I had also explained in detail about various measures the government has taken as a pro-people move to strengthen our economy. The government of Prime Minister Narendra Modi always cares for the sensitivity of common people. Entire video of my media interaction is available on my social media handle. Yet I regret to note that one part of my statement has been completely twisted out of context. Being a sensitive person I withdraw this comment," the Union Minister said.

Dismissing concerns about economic slowdown, Prasad on Saturday cited the earnings of the three movies on October 2, saying they collectively earned Rs 120 crore in a day and hence the economy of the country is "sound".

Addressing a press conference in Mumbai, the Union Minister had said: "On October 2, three movies were released. Film trade analyst Komal Nahta had said that the day saw earning of over Rs 120 crore, a record by the three movies. The economy of the country is sound. That is why there is a return of Rs 120 crore in a day."

Following this, the opposition parties chided Prasad for his comment and accused the Centre of not creating enough jobs for the youth and for not taking enough steps to push economic growth.