On Wednesday, Prime Minister Narendra Modi addressed the inauguration of the Golden Jubilee Year of Institute of Company Secretaries (ICSI) in Delhi. Not only did the PM talk about the achievements of the government but also for the first time admitted that the economic growth slowed down.
In his speech PM was quoted saying, “In the past few days the criticism that we have received, we don’t take it in a bad way. We are a sensitive government. We accept the constructive criticism with all our hearts and make sure that we consider it with modesty and work on improving the economy. The whole world is talking about India.”
He went on to say, “We don’t believe that all the things that critics say are wrong, but one should restrain from creating an environment of panic in the nation. We have started walking towards the development of new India, new culture, new celebration and new traditions.”
Modi also stated that after achieving an average growth of 7.5% over the last three years, the growth rate had dropped in April to June this year. He said, “The government is committed to reverse that and we are ready to take the decisions.”
The PM also said, “The nation’s financial stability too has to be maintained and we will keep taking steps to improve the economy.”
Modi also addressed Demonetization and said, “After Demonetization, the cash to Gross Domestic Product (GDP) ratio has come down to 9%, which before November 8, 2016, was 12%.”
