New Delhi: Union Minister Ravi Shankar Prasad on Saturday gave a bizarre theory when asked to comment on India’s current economic slowdown. Notably, Prasad cited earnings of three hit movies of Bollywood to dismiss the ongoing crisis. He said,”India earned Rs 120 crore from three Bollywood movies on October 2. This proves that the country’s economy is very much sound.”
“I am fond of movies, I was Information and Broadcasting Minister in former Vajpayee’s government. Movies have been doing huge business. On October 2, 3 movies hit the silver screens and I was told by film critic Komal Nahta that all of them collectively earned Rs 120 crore on the national holiday [Oct 2] . Rs 120 crore comes in a country which has a sound economy,” a leading portal quoted the law minister as saying.
However, this is not the first time when an Union Minister has given such outlandish remark to dismiss the slowdown.
Earlier, Finance Minister Nirmala Sitharaman had blamed the millennials for the slowdown in Automobile sector. According to the Finance Minister, one of the reasons for the slowdown was ‘change in the mindset’ of the people, who, she said, are now using cab aggregators like Ola and Uber as well as public modes of transportation.
“Automobile sector, in particular, has been affected by several things. These include BS6 movement, the registration fee issue that has been deferred till June and the mindset of millennials, who are now preferring not to commit EMIs to buying automobiles but prefer to use Ola or Uber or take the metro”, Sitharaman had asserted.
India battling a six-year low economic growth and a 45-year high unemployment rate
Notably, India’s economic growth has slumped for the fifth straight quarter to an over six-year low of 5 per cent in the three months ended June as consumer demand and private investment slowed amid deteriorating global environment. In order to boost growth and investments, the government unveiled stimulus measures, including over 100 bps of rate cuts, reduced corporate taxes and other measures aimed at boosting consumer spending.