New Delhi
Slamming critics of the government for creating an atmosphere of despondency over the slowdown in the economy, Prime Minister Narendra Modi today talked up the economy and said the government is committed to take decisive steps to reverse the trend and indicated measures to boost exports, the MSME sector and a review of the Goods and Services Tax (GST) to iron out the compliance problems the small units are facing.

Addressing the golden jubilee celebration of the Institute of Company Secretaries of India (ICSI), Modi listed the economic reforms and achievements of the government in the last three years and said that they outshone the last three years of the UPA government.

Putting up a brave front in the light of strong criticism on the slowdown in the economy, this is the second time in the last couple of weeks that the PM has virtually given a report card on the economy through a presentation comparing it with the UPA on sectoral parameters.

Slamming critics and naysayers for “selective criticism”, Modi said it is not the first time that India’s GDP had fallen to 5.7 per cent. In the previous UPA government, he said it fell eight times below this point.

He went on to allege that even big bang reforms like FDI in insurance were discounted by the same critics who were very enthusiastic about them during the UPA regime. He said the government had carried out 87 small and big reforms across 21 sectors.

Accepting that the growth rate has fallen in the last quarter, the PM said the government is committed to reversing the trend. He assured the people that the steps taken by the government will take the country in a new league of development.

Modi emphasised that he is empowering the citizens and not giving out doles, for which he faces criticism. However, he said for the worries of the present, he cannot put at stake the future of the country.

The PM put out recent data on demand for goods in the economy, which shows an upswing after June 2017. He also cited strong FDI inflows in the last three years to show the impact of reforms.

On employment, he said that 4.80 crore employees have been enrolled under EPFO, which shows growth in employment as the number was 3.26 crore three years back in the formal sector. He said 26 crore LED bulbs distributed have saved Rs 2,000 crore for the poor and middle class. On GST, he said a three-month review will take place to address any difficulties that the traders and small business are facing and ensure easier compliance.