Fluctuations in economy seen earlier also, PM tells oppn

New Delhi: Prime Minister Narendra Modi on Friday lashed out at the erstwhile Congress-led UPA government saying that nosedive in the economy were seen earlier also but there was not much hue and cry about it and expressed confidence that the country has the capability to emerge stronger out of it.

In reference to Labour Reforms, Mr Modi said “Some people also believed that it was in the interest of the Labour class not to do anything in this field.”
‘Fluctuations have come in the country’s economy before. But the country has the ability to come out of such a situation every time and come out stronger than before. Therefore, India will definitely come out from the present situation,’ Mr Modi said while addressing the gathering at the inaugural session of the hundred years of Assocham.
He said ‘ Where did CPI headline inflation reach in that period? Up to 9.4 percent. Where was CPI core inflation? 7.3 per cent .. !!! How much did WPI inflation reach? Up to 5.2 per cent. How far did the Fiscal Deficit go? Up to 5.6 per cent of GDP. At that time, many quarters of GDP were so severe that the economy was very depressed.’
He said he does not want to get into a controversy as to why some people kept quiet at that time.
Mr Modi said talk of Labour Reforms has also been going on in the country for many years.
‘Some people also believed that it was in the interest of the Labour class not to do anything in this field. That is, to leave them in their condition but our government does not believe so,’ he said.
Mr Modi said his government believes that labour force should also be taken care of in every way.
Life of labourers should be made life easier, they should get provident fund on time, benefits of health
services — the government has worked in all these areas, he maintained.
Mr Modi said taking in suggestions of labour unions, the industry, the government has made many changes in the labour law as the requirements of today.
The Prime Minister said when the economy was in the ruins before 2014, people who handled the economy, kept watching the spectacle, this country should never forget.
‘I do not want to go into detail of what kind of economy we had inherited, what kind of things used to
happen in newspapers and where was the credibility of the country at the international level,’ but, he added ‘ the permanent measures taken by the BJP government to mitigate the conditions at that time have become a big foundation for the USD 5 trillion dollar economy.
Amidst discussions on country’s economy, Mr Modi said , ‘We must also remember that during the quarter of the earlier government, the growth rate of GDP had reached 3.5 per cent.