Economic Slowdown Usual During ‘Saawan-Bhado’: GoM Chief Sushil Modi

Bihar Deputy CM Sushil Modi who heads the Group of Ministers (GoM) set up to look into revenue shortfall being faced by the states after the GST roll-out, said there was no reason to worry about the slowdown as the Central government had taken appropriate measures to control it.

Sushil Modi

New Delhi: Amid opposition uproar over economic slowdown, Sushil Modi, who heads the Group of Ministers (GoM) set up to look into revenue shortfall being faced by the states after the GST roll-out, on Sunday, said that was being unnecessarily being created 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," the Bihar deputy CM said in a tweet. He 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 the Prime Minister Narendra Modi government for being ineffective in controlling the dip in manufacturing and agriculture sectors.