NEW DELHI: Taking on his opponents those who blame government's inability to handle economy, Prime minister Narendra Modi stated that a " handful of people " are trying to spread a contagion of pessimism based on the slowdown of the last economic quarter.
Bringing UPA regime into his criticism, Prime Minister said GDP growth during the previous Congress-led UPA regime was below 5.7 per cent eight times. "There were quarters when growth was 0.2 per cent, 1.5 per cent," he said. That decline, he said, was more dangerous for the economy, because in those years India was battling "higher inflation, higher current account deficit and higher fiscal deficit".
While addressing a gathering of Company Secretaries the in national capital, PM said,"There are some people who sleep well only after they spread a feeling of pessimism. We need to recognise them.
PM's attack came in defence after former union ministers Yashwant Sinha and Arun Shourie warned that the two major reforms of demonetisation and the new national sales tax (GST) were 'poorly timed' and thie views were echoed by the main opposition party Congresa.
The Prime Minister said that there are a few people in our country who attempt to weaken the honesty of our social structures, and lower the nation's dignity. He said that the Government is working towards cleansing the system of such elements.
" as a result of the efforts of the Government, the economy is functioning with less cash. The cash to GDP ratio has come down to 9 per cent, from 12 per cent before demonetization."
PM assured that the government was committed to reversing the setback to growth in the April-June quarter.
In the last three years, the Prime Minister said, his government has brought in 87 big and small reforms in 21 sectors, making a comparison of the performance of key sectors with that during Congress rule.
The Prime Minister said that there was a time when India was considered to be part of the Fragile Five economies, which were dragging back global economy.
He said several important reform related decisions have been taken and this process will continue. He asserted that the country's financial stability will be maintained. He assured the gathering that the steps taken by the Government will take the country to a new league of development in the years to come. He said that a premium would be placed on honesty, and the interests of the honest would be protected.
The Prime Minister outlined the massive increase in investment and outlays in some key sectors over the last three years. He said that 87 reforms have been carried out in 21 sectors in this period. He presented figures to show the quantum jump in investment.
The Prime Minister said that in the policy and planning of the Government, care is being taken to ensure that savings accrue to the poor and the middle class, even as their lives change for the better.
The Prime Minister asserted that as he works to empower the people and the nation, even though he faces criticism on some occasions, he cannot mortgage the country's future, for his own present.