3 Movies earning Rs 120 cr on the day of release proves economy is sound: RS Prasad

Mangalore Today News Network

New Delhi, Oct 12, 2019 : Union Minister Ravi Shankar Prasad on Saturday refuted the worries surrounding the economic slowdown and cited the earnings of three blockbuster movies in a single day to suggest that the economy was sound.

During a press conference, when being asked about the economic slowdown, the Union Minister dismissed the worries and said, "On 2nd October, 3 movies were released. Film trade analyst Komal Nahta told that the day saw earning of over Rs 120 crores, a record by 3 movies", Zeenews reported.

 

Dismissing claim that there is an economic slowdown, Prasad said that the economy of the country is sound, "that is why there is a return of Rs 120 crore in a day."

India’s GDP growth has touched a six-year low of 5 per cent for the June quarter. Recently, the RBI lowered the expected GDP growth down to 6.1 per cent in FY20 from the earlier forecast of 6.8 per cent.

Union Minister Prasad also stated that the unemployment data provided by the National Sample Survey Office (NSSO) was false. "I gave you 10 relevant data, not one is present in the report. We never said we will give government jobs to everyone. Few people tried to mislead in a planned fashion," Prasad said.

According to the data on employment released by NSSO in May 2019, 2.1 per cent of illiterate urban men were unemployed, but around 9.2 per cent of men with at least secondary education didn’t have a job in the year 2017-18. For urban women, nearly 0.8 per cent of uneducated women were jobless whereas 20 per cent of those with secondary or higher education were not employed.

Union Finance Minister Nirmala Sitharaman on Thursday had said the government is giving sector-specific solutions to fight the slowdown in economic growth. The government has taken several measures, including a massive cut in corporate taxes to revive economic growth.