‘Economic Slowdown Usual During Saawan-Bhado,’ Says Sushil Modi
Bihar Deputy Chief Minister and Finance Minister Sushil Modi blamed the Opposition parties for creating panic.
Deputy Chief Minister and Finance Minister of Bihar Sushil Kumar Modi blamed the Opposition parties to create panic over what he claimed to be a recurring “cyclic” slowdown in the economy during months of "saawan-bhado".
According to him, the “cyclic” slowdown in the economy happens every year during the fifth and sixth months of the Hindu calendar – known as saawan-bhado.
“Usually every year there is a cyclic slowdown in the economy during saawan-bhado (the fifth and sixth months in the Hindu calendar), but this time some political parties are creating noise over it to vent their frustration after the loss in elections,” Sushil Modi tweeted.
Several Opposition parties, including the Congress, have blamed the Modi government for being ineffective in controlling the dip in manufacturing and agriculture sectors.
On Sunday, former Prime Minister Manmohan Singh, in a video, had said “all-round mismanagement” by the Modi government has resulted in the economic slowdown and that current state of the economy is “deeply worrying.”
The Bihar Deputy Chief Minister, on the contrary, added there was no reason to worry about the slowdown as the central government had taken appropriate measures to control it.
"Central government's announcement of 32-point relief package and the merger of 10 banks will increase the lending capacity of banks whose effects will be visible in the next trimester," the tweet read.
He further said that Bihar was unaffected by the slowdown and claimed there was no fall recorded in motor vehicle sales in the state.
The economic growth slowed to a six-year low of 5 percent in April to June quarter from 8 percent a year ago, according to the government data. Finance Minister Nirmala Sitharaman on Sunday said that she has been meeting the industries and talking suggestions to tackle the industries.
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