Modi promises steps to reverse GDP slowdown

New Delhi: Lashing out at the critics of his economic policies, Prime Minister Narendra Modi on Wednesday said Indian economy was on firm footing and that he will never jeopardise the country's future for the present gains.

In an over hour-long speech, punctuated with sharp comments and comparisons with the track record of previous UPA regime, Modi told a gathering of Company Secretaries that his government will continue the reforms and will not hesitate to take the decision to reverse the GDP slowdown witnessed in last two quarters.

"I will not jeopardise the future of the country for my present gains," he said, adding the government would focus on structural reforms rather than giving doles to win praises.

Modi said his critics were seeing slowdown in the last two quarters but were ignoring that the BJP government had brought down inflation from 10 per cent in the UPA regime to 2.5 per cent, shrunk Current Account Deficit to near 1 per cent from 4 per cent and brought down fiscal deficit to 3.5 per cent from 4.5 per cent.

GDP growth was 5.7 per cent or less than that on eight occasions during previous UPA government, he said, lamenting how pessimists were calling April-June growth of 5.7 per cent as doomsday.

Modi made comments days after senior BJP leader Yashwant Sinha in an article headlined "I need to speak up now", described the economy as a "mess" that will not resuscitate before the next general elections.

"Government is committed to reverse this trend...we are capable of that and ready to take decisions," Modi said, adding the decisions taken by the government will take India to a new growth trajectory.

The Prime Minister said there was a time when India was part of 'fragile-5' and the BJP government pulled it out to make it the fastest growing economy for the most part of its three-year rule.

The government, he said, was aware that growth has slowed and is taking steps to improve it.

Addressing concerns over implementation of the Goods and Services Tax (GST) regime, the Prime Minister said, he has asked the GST Council to identify bottlenecks and technological hurdles faced by businesses especially small and medium enterprises.

The government, he said, is ready to make amends to help small traders.

Modi said registration of 2.1 lakh out of 3 lakh suspected shell companies identified post note-ban has been cancelled in a crackdown on the black money.