New Delhi, October 4: Prime Minister Narendra Modi on Wednesday said demonetisation made Indian economy less dependent on cash. Modi added Cash to GDP ratio in the country reduced to 9 percent from 12 percent. Taking a jibe at his critics, Modi said some people do not get sound sleep if they do not criticise the government. He was addressing the golden jubilee celebrations of Institute of Company Secretaries of India in the national capital.
He said if the growth rates are in the favour of government, the critics raise questions over method to compute growth. Modi added the economists changed their stance when the growth rate was measured at 5.6 percent. Modi said we must remember the times when growth rates were less than 5.6 percent.
Defending his government on Inflation, Modi said the inflation has dramatically reduced from 10 percent in 2014 to 2.5 percent in 2017. PM Modi emphasised the sale of cars and commercial vehicles increased after the implementation of the indirect tax regime across the country.
The centre was criticised by former finance minister Yashwant Sinha for dwindling growth rates. Sinha alleged demonetisation severally affected the economy. The government took another wrong decision by implementing Goods and Services, Sinha said.
Concluding his speech, Modi said honest people will get the premium for their services. PM Modi said previous government built 80,000 kilometres of highways whereas the present government completed the construction of 1,20,000 kilometres.
Addressing the golden jubilee celebrations of Institute of Company Secretaries of India, PM Modi said the conduct of Company Secretaries affects the corporate governance of companies in the country. If any member of the organisation is caught in bad practice, the entire community is blamed.