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Cyclic Slowdown In Economy Usual During Months Of Saawan-Bhado: Sushil Modi

The Bihar Deputy Chief Minister also said there was no reason to worry about the slowdown as the Central government had taken appropriate measures to control it.

Cyclic Slowdown In Economy Usual During Months Of <em>Saawan-Bhado</em>: Sushil Modi
Deputy Chief Minister and Finance Minister of Bihar Sushil Kumar Modi. | File Photo
Cyclic Slowdown In Economy Usual During Months Of Saawan-Bhado: Sushil Modi
outlookindia.com
2019-09-02T12:56:32+05:30

Deputy Chief Minister and Finance Minister of Bihar Sushil Kumar Modi on Sunday said that some opposition parties were trying to create panic in the country over what he claimed to be a recurring "cyclic" slowdown in the economy during months of "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," a tweet by Modi read.

The Bihar Deputy Chief Minister 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 slowdown has not affected Bihar, there is no fall in sales of vehicles here. The Centre is soon going to announce the third package," the tweet added.

The economic growth slowed to a seven-year low of 5 per cent in April to June quarter from 8 per cent a year ago, according to the government data.

Several opposition parties, including the Congress, have blamed Prime Minister Narendra Modi government for being ineffective in controlling the dip in manufacturing and agriculture sectors.

(With inputs from ANI)

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