21:31 GMT +315 October 2019
Listen Live
    Policy Uncertainty, Short Term Structural Reforms Causing Economic Slowdown in India

    'Nominate Him for IMF President' -Indian Minister Trolled Online For Blaming Economic Slowdown on Hindu Calendar

    © REUTERS / Brendan McDermid
    Asia & Pacific
    Get short URL
    0 04
    Subscribe

    New Delhi (Sputnik): An Indian lawmaker responsible for financial affairs in Bihar state has left many on social media amused, after blaming the country’s economic downturn on the annual cyclic slowdown during specific rainy months in the Hindu calendar.

    Sushil Modi, the deputy chief minister of Bihar state and its finance minister, blamed the rainy months of "Saawan-Bhadon" (as per the Hindu calendar) for the ills of the Indian economy which witnessed 5% growth rate (April-June), leaving a lot of social media users in splits.

    He said the opposition parties were needlessly creating panic about India's current economic situation:

    "The Central government's announcement of a 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. Normally each year there is a cyclic slowdown in the economy during 'Saawan-Bhado' [the fifth and sixth months of the Hindu calendar], but this time some political parties are creating noise over it to vent their frustration after their losses in the elections", Modi's tweet read.

    Some users trolled the minister, jokingly saying that he deserved a Nobel Prize in Economics for his analysis of the situation.

    Amid quarterly growth rates falling to 5 per cent from over 8 per cent a year ago, several opposition parties have blamed the ruling Bharatiya Janata Party (BJP) for being ineffective in controlling the dip in country's various economic sectors.

    To deal with the economic crisis, Indian Finance Minister Nirmala Sitharaman recently announced a series of economic reforms, along with the biggest bank merger in the country's history by bringing together ten state-owned banks to create a financial behemoth. India will now have only 12 state-owned banks compared to 27 last year.

    Additionally, the ministry also rolled back the additional surcharge on foreign portfolio investors (FPIs) and domestic investors last month, which it had introduced at the Union Budget in July.

    Related:

    India-Norway to Boost Cooperation in Maritime Economy
    Public Confidence in India's Economy Drops Amid Ongoing Election
    India’s New Annual Budget Unveils Slew of Proposals to Take the Country to $5 Trillion Economy
    Tags:
    trolls, calendar, economic slowdown, slowdown, economic, India
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik