New Delhi: Union Minister Prakash Javadekar on Sunday said the fundamentals of the Indian economy are strong and there is no "panic situation" in the country. He also said sometimes a slowdown is a cyclical process, and such a patch" will not hurt the country's progress rate.
Responding to questions on the economy, slowdown and unemployment at a press conference to mark 100 days of the Modi government, he said "world over, there is a slowdown which also impacts markets here and people's behaviour changes".
"Therefore, we should not be worried too much. The government is responding with whatever actions are immediately necessary. This is a temporary phase and not a direction of a real slowdown," he said.
The NDA government led by Prime Minister Narendra Modi has completed 100 days after coming to power for a second consecutive term with a massive mandate. The information and broadcasting minister also downplayed criticisms by Congress leader Rahul Gandhi, who on Sunday said there was a glaring lack of leadership, direction and plans to turnaround the "ravaged economy".
Taking a dig at the Modi government, Gandhi also "congratulated" it on 100 days of "no development".
"Those who are not to be seen in 90 out of 100 days, how can I react on their comment. Whether the government worked, the world has witnessed. The prime minister's Independence Day speech, his speech to the Motion of Thanks to the President's Address in Parliament, laws which have been passed, the way things have changed and decisions implemented.
"This speed, the Congress had never witnessed. Therefore, I don't have to say anything on their comment," Javadekar said.
He said sometimes, slowdown is a cyclical process. "The fundamentals of the Indian economy are so strong and they are not being disturbed," the minister said.
India last year received a record Foreign Direct Investment (FDI) more than China, Javadekar said.
"Our domestic economy is on a strong footing and many new industries (are coming up), because of the good governance model and the rules, which have been changed for foreign investment. We are expecting there will be more and more foreign investment, and more and more domestic demand," he said.
Javadekar said sometimes there is a "patch where you get a cyclical slowdown". It will not hurt India's progress rate. "There is no panic situation in the country," the minister told reporters. He also said the income of the farmers will get doubled as per plan.
"Employment is a function of the economy... You used to file reports that there is no recruitment in universities. It was the decision of the court. Recruitment of 5,000 teachers and professors will be completed this month," the minister said, adding that a dynamic economy faces a problem and comes out with new answers.
To a question on the recent decision to merge banks, Javadekar said if mergers are carried out in a systematic way, it helps because there is synergy of expertise. "This a right step in right direction".
(With PTI inputs)
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