Sushil Kumar Modi, Deputy CM and Finance Minister of Bihar blamed the Opposition for creating fake panic over what he claims to be a recurring “cyclic” slowdown in the Indian economy during the months of “saawan bhado”.
Sushil Modi claims that this cyclic slowdown happens every year in the fifth or sixth month of the Hindu calender.
“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,” Sushil Modi tweeted.
Opposition parties like Congress, TMC, AAP have blamed the Modi government for the mismanagement and ineffective control over the economy which has led to the worst economic slowdown in six years.
Former Prime Minister Manmohan Singh in a video said Modi government’s mismanagement has resulted in the economic slowdown and that the current economic state is “deeply worrying”.
Sushil Kumar, on the contrary presented an entirely different reason for the slowdown. He emphasised that the Central government is taking adequate measures to control the situation.
"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 added that Bihar is unaffected by the slowdown and claimed that there are no fall in motor vehicle sales in the state.
The economic growth has fallen to a six year low of just 5% in April and June quarter from 8% the previous year.