Yechury terms Union Minister Prasad's comment on Indian economy as laughable

Communist Party of India-Marxist (CPI-M) general secretary Sitaram Yechury on Sunday hit out at Union Minister Ravi Shankar Prasad for his statement that the country's economy is fine because three movies earned Rs 120 crore in a day.

"It is laughable. India has a population of 130 crore. There is a small section, which purchases tickets and watches movies, but the rest of India is actually suffering," Yechury told ANI.

"Prasad's comment is equivalent to the famous statement made during the French Revolution that "people do not have bread, why not eat cake". This is the sort of ridiculous situation that they are portraying," added Yechury.

The CPI-M veteran said lakhs of people lost their jobs. "The economy is tanking. It has already entered a phase of recession. The government should invest in building infrastructure, but they are talking about film collections," he said.

Dismissing concerns about the economic slowdown on Saturday, Prasad cited the earnings of 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, Prasad 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.