Economy's fundamentals strong, can bounce back, says PM Modi
NEW DELHI: Prime Minister Narendra Modi said on Thursday that the fundamentals of the economy are strong and it has the capacity to bounce back and asserted that the idea of a $5-trillion economy was not a sudden development and was based on a deep understanding of the strengths of the country.
The PM, who met economists, private equity, venture capitalists, business leaders from manufacturing, travel & tourism, apparel and FMCG as well as experts in agriculture, science & technology and finance, told the gathering that the go nment was open to hearing all points of view and would take dissent and criticism on board, sources said.
They said experts were divided over the issue of relaxing the fiscal deficit target for the current year. "Some suggested that the target should be relaxed to meet expenditure on infrastructure, MNREGA and other sectors, while others called for sticking to the fiscal consolidation path but wanted the real fiscal deficit to be projected," said sources.
The go nment aims to rein in the fiscal deficit at 3.3% of gross domestic product in the current fiscal year but sluggish revenues have raised doubts about its capacity to meet the target.
Against the backdrop of the sharp slowdown in the economy, Modi's focus in recent weeks has been on getting a first view from a wide spectrum of the country's business community, economists and other sectoral experts. On Tuesday, the National Statistical Office (NSO) forecast the economy to grow 5% in the current year, its slowest pace in 11-years, triggering criticism from opposition groups over the go nment's handling of the economy.
Bawarchi • 6 hours ago
Indian economy is going into STAGFLATION which is worse than recession and can take a decade to recover. Feku has never heard the word STAGFLATION and will take 5 yrs to understand its meaning.
Bawarchi • 6 hours ago
The architect of demonetization should be tried for HIGH TREASON.
Ravi • 6 hours ago
Indians have never seen a great leader like modiji for hundreds of years. He has capability to handle economy, security and safety of indians. He is making india 5 trillion
sureshachar• 3 hours ago
Bangladesh gdp is 8.1 percent
Modi expertise • temple • 5 hours ago
Moid has proven he is good at
- globe trotter, anybody-huger and Howdy crowd manipulator
- statue builder
- 3. idiot on economy
Logical • 6 hours ago
Increase Govt spending , disposable income , and consumption. Rest all will fall in place
Ajithlal Gangadharan• 2 hours ago
When everyone sells pakoda, where from govt will money for spending? Is govt as rich as modi to wear 15 lakh suit?
Guy Max • 5 hours ago
Government spending is already high!
Vajasrava • 6 hours ago
Modiji only we are bouncing from one pit to other, nothing changes from economic perspective. In fact it became from bad to worse.
vishnu varthanan• 6 hours ago
First let the finance minister attend her meeting. Power centric approach of modi has failed the nation. Why fm is kept away in making decisions, but only like a spokesperson. Modi should believe in Nirmala Sitharaman, else change her
Syed Shahnawaz• 5 hours ago
Becoz FM does not know a zilch about economy.
Av Rt • 5 hours ago
This is not your tea stall. Please hang your head in shame for what you have done to a vibrant economy and country. British left but have keft you and baldy behind to do divide and rule. You are the worst PM who is busy playing drty politics as you have nothing to offer in name of development. Fenku....liar
Team Modi • modi temple • 6 hours ago
That picture says it all: a bunch stone faced idiots expecting 5 trillion $ economy to drop from the sky.
Bawarchi • 6 hours ago
Indian economy is not a ball and it will not bounce back - Indian economy is going to crash land.
Guest • 4 hours ago
go and beg for advice of manmohan singh and Raghuram Rajan . it will take a master brain to solve this mess.no one in your cabinet is capable to solve this problem.
Jay • 4 hours ago
lol.. I am surprised that this guy knows what is fundamental in economics.
sam mm • 4 hours ago
Modiji please stop talking all the time , give a good budget especially for the middle class if u can without risking too much the fiscal deficit of the Govt , Art 370, NRC CAA etc don't matter to 95% even though everyone will.claim that they are supporter of it , work for Indians who voted u , stop talking and do work
Adam • 4 hours ago
after bringing the economy down to 5% shameless fellow blabbering about economic fundamentals being strong
Kranti Lakhepatil • 4 hours ago
Another fake from feku
Ac • 4 hours ago
HOW TO CREATE A 5 TRILLION DOLLAR ECONOMY
First start with a 10 trillion dollar economy and then appoint Modi as Prime Minister.