Ravi Shankar Prasad cites successful collection of three films to say Indian economy is fine

Ravi Shankar Prasad also said that while the inflation rate is at the lowest, the number of tax payers has gone up by more than twice.

Published: 12th October 2019 10:26 PM  |   Last Updated: 12th October 2019 10:26 PM   |  A+A-

IT Minister Ravi Shankar Prasad

Union Minister Ravi Shankar Prasad (Photo | PTI)

By Express News Service

MUMBAI: Union minister Ravi Shankar Prasad on Saturday gave Rs 120 crore box office collection analogy to emphasize that fundamentals of Indian economy is robust and there was no recession.

"There is no need to worry as the economic fundamentals of the country are very strong. The foreign direct investment has gone up by 20 per cent and total investment worth 16.3 billion USD has come to India in the past year alone," Prasad said while detailing what he termed as the robust economy.

He also gave a box office collection analogy to support his claim.

ALSO READ: Indians are going to the movies to escape slowing economy, cinema owner says

"Three movies released on October 2, 2019, have earned a total sum of Rs 120 crore in a single day, so, there is no slowdown," Ravi Shankar Prasad said. He further said that "Rs 120 crore comes in a country which has a sound economy."

Prasad also said that while the inflation rate is at the lowest, the number of tax payers has gone up by more than twice. The total income tax collection to has seen more than two-fold increase.

"Even amidst global slowdown, the Indian economy is growing at a rate more than 6 per cent," the Union Minister said.

"Over the past two years, the number of EPF accounts have gone up by 2.5 crore," Prasad pointed out and said the number of accounts is growing only because new jobs are being generated.

Quoting the NASCOM report, the minister also said that "5.5 lakh people have got jobs in the information technology sector alone over past four years."

Prasad also hailed the Fadnavis government for its performance on good governance front and added that he is sure that people of Maharashtra would reelect Fadnavis.

"Narendra Modi has given a government that is honest and gives top priority to Nationalism and Fadnavis government is model of clean and efficient government based on that," Prasad said.

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