Left Menu
Development News Edition

Prasad cites success of three films to deny economic slowdown

PTI | Mumbai | Updated: 12-10-2019 18:46 IST | Created: 12-10-2019 18:46 IST
Prasad cites success of three films to deny economic slowdown

Indications of slowdown notwithstanding, Union minister Ravi Shankar Prasad on Saturday said three Bollywood movies generating business of Rs 120 crore on the October 2 holiday suggested the "sound economy" even as he dubbed "wrong" the NSSO report which had reportedly pegged unemployment rate at 45-year high in 2017. Days after the International Monetary Fund (IMF) said the economic slowdown is more pronounced this year in India and Brazil, Prasad said the measurement was incomplete.

He alleged that some people organised against the government are misleading people over unemployment scenario. "I was also told that on October 2, which is observed as one of the national holidays, three Hindi movies garnered Rs 120 crore business on that day. Unless the economy is sound in the country how can only three movies collected so much business in a single day?" Prasad asked while speaking to reporters.

He was in Mumbai to campaign for the BJP for the October 21 Maharashtra assembly polls. The National Sample Survey Office's (NSSO's) periodic labour force survey (PLFS) had stated that unemployment was 45-year low. It had stated that the rate was this high in 1972-73 and 2.2 per cent in 2011-12.

The report had generated a lot of political heat, with the then Congress president Rahul Gandhi saying the Modi government had promised two crore jobs, but five years later a "leaked job creation report card" has revealed a "national disaster". Earlier, Niti Aayog vice chairman Rajiv Kumar had countered the report saying, "It is not finalised. It is a draft report." Prasad, who holds Law and Justice, Communications and Electronics and Information Technology portfolios, said, "I have given you ten parameters where economy is performing well, but not a single one is reflected in the (NSSO) report.

Hence I call it a wrong report." Singling out India and Brazil, IMF Managing Director Kristalina Georgieva recently said that 90 per cent of the world is likely to have slower growth in 2019. When asked to comment on Georgieva's statement, Prasad said, "The measurement of IMF about India is still incomplete.

And do not forget, India was on the 11th position when Manmohan Singh was in power; today it is the fifth largest. We have surpassed even France." Prasad also sought to dispel the perception that the economy is on the decline, saying, "Electronic manufacturing, Information and Technology sector, Mudra loan, commerce services are performing very well. We never said that we will give government jobs to everyone." "There are some people who have organised against the government and misleading people over unemployment," he added. Interestingly, Prasad's comments came at a time when India slipped down by ten positions in the world competitive index report and the government data on Friday revealing that factory output has shrunk by 1.1 per cent in August, which is the poorest performance in seven years due to a sharp decline in production of capital goods and consumer durables.

Commenting on the world competitive index report, the senior BJP leader said, "Look at innovation, start-ups and market size parameters, we are improving. It is true that we have dropped on some other parameters." India, which was ranked 58th in the annual Global Competitiveness Index compiled by Geneva-based World Economic Forum (WEF), is among the worst-performing BRICS nations along with Brazil (ranked even lower than India at 71st this year), as per the report. The Opposition camp has been alleging that the Narendra Modi dispensation has "miserably failed" on the economic front, leading to "growing joblessness"..


TRENDING

OPINION / BLOG / INTERVIEW

Post-COVID-19 Nigeria needs a robust Health Management Information System to handle high disease burden

Nigeria is among a few countries that conceptualised a health management information system HMIS in the early 90s but implementation has been a challenge till date. Besides COVID-19, the country has a huge burden of communicable and non-com...

Morocco COVID-19 response: A fragile health system and the deteriorating situation

Learning from its European neighbors, Morocco imposed drastic measures from the initial stages of the COVID-19 outbreak to try to contain its spread. The strategy worked for a few months but the cases have surged after mid-June. In this sit...

COVID-19: Argentina’s health system inefficiencies exaggerate flaws of health information system

You can recover from a drop in the GDP, but you cant recover from death, was the straightforward mindset of Argentinas President Alberto Fernndez and defined the countrys response to COVID-19. The South American nation imposed a strict...

Rwanda’s COVID-19 response commendable but health information system needs improvement

Rwanda is consistently working to improve its health information system from many years. However, it is primarily dependent on the collection and reporting of health data on a monthly basis. Besides, evaluation studies on Rwandas HIS publis...

Videos

Latest News

Naxal killed in encounter with police in Telangana's Khammam

One Naxal was killed in an exchange of fire with police team between Dubbagudem-Devallagudem area in Khammam, the police said on Monday. One Naxal escaped from the spot, while a weapon and a bike were seized.According to a senior police off...

GLOBAL MARKETS-European shares fall to 2-week lows as COVID-19 cases rise

European shares fell on Monday as rising COVID-19 infection rates in Europe prompted renewed lockdown measures in some countries, casting doubt over the economic recovery, with a lack of U.S. stimulus also weighing on sentiment. The MSCI wo...

Soccer-Alli 'doesn't need to be sacrificed', says Mourinho

Tottenham Hotspur manager Jose Mourinho has said Dele Alli doesnt need to be sacrificed but that he wants a balanced squad and it is difficult to fit all of his players into it. Alli was left out of Spurs 5-2 win against Southampton on Sund...

Iran's oil minister calls U.S. sanctions a "war with no blood"

Iranian oil minister Bijan Zanganeh said on Monday that the United States was waging a war against Iran by imposing sanctions on the Islamic Republics crude exports.Today Iran is still fighting a war. America has waged a war against Iran wi...

Give Feedback