Prime Minister Narendra Modi today strongly defended the economy post Goods and Services Tax (GST) implementation and last year's demonetisation drive. Addressing the Company Secretaries from all over India at a programme in New Delhi to mark the golden jubilee year of Institute of Company Secretaries of India (ICSI), he said that the economy is moving on the right track.
He also expressed his government's willingness to make changes in GST to resolve problems being faced by traders.
Refuting criticism of his government's handling of the economy, he said that during the previous UPA regime, economy was below 5.7 per cent eight times. He also lashed out at "some people who sleep well only after they spread a feeling of pessimism".
Top 10 quotes of PM Modi from his speech at ICSI event:
1. Government very well understands value of your hard earned money, our policies and schemes are focused at bettering life of poor and middle class. I will not let the present problems jeopardize the future of the country.
2. I have told the GST council to review the problems being faced by traders & we are willing to make changes as per the suggestions.
3. I want to assure you that decisions taken by the government will place the country into a new league of development.
4. Fundamentals of Indian economy are strong. We took key decisions related to reform and this process will continue. It is our duty to maintain the financial stability. To increase investment and give a push to economy, we will take all necessary steps.
5. There are some people who sleep well only after they spread a feeling of pessimism all around. We need to recognise such people.
6. It is true that after registering a growth of 7.5pc in last three years, GDP has fallen in April-June quarter this year. But it is also a fact that the government is committed to reverse this trend.
7. Inflation was more than GDP growth during previous regime when high price rise, fiscal deficit and CAD made headlines. Double digit inflation has come down to less than 3 per cent, CAD brought down to 2.5 per cent, fiscal deficit reduced to 3.5 per cent.
8. GDP growth dipped to 5.7 per cent or below eight times during UPA regime when nation was faced with high inflation, CAD and fiscal deficit.
9. Dip in economic growth in one quarter has boosted pessimists; not first time growth has dipped to 5.7 per cent in any quarter.
10. We made strict black money rule...Demonetisation a great success... Hoarding black money is not an easy task now. November 8 should be celebrates as 'Corruption-Free Day'.
