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Airports & trains full, people getting married— Union minister Suresh Angadi dismisses slowdown concerns

Angadi, who is the minister of state for Railways, said that “some people” were trying to malign the image of Prime Minister Narendra Modi, arguing that the slowdown is cyclical, comes every three years and that the economy will pick up soon. The...

ET Bureau|
Nov 15, 2019, 05.53 PM IST
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"Airports are full, trains are full, people are getting married. Some people are doing this for nothing else but to malign the image of Narendra Modi," Angadi told reporters.
NEW DELHI: Union minister Suresh Angadi on Friday dismissed the opposition's criticism over economic slowdown, asserting that "airports and trains are full and people are getting married" and this indicates that the country's economy is "doing fine".

Angadi, who is the minister of state for Railways, said that “some people” were trying to malign the image of Prime Minister Narendra Modi, arguing that the slowdown is cyclical, comes every three years and that the economy will pick up soon.

The Indian economy grew 5% in the first quarter of FY 19-20, a 29 quarter low.

"Airports are full, trains are full, people are getting married. Some people are doing this for nothing else but to malign the image of Narendra Modi," Angadi told reporters during an inspection of the soon to be commissioned Tundla- Khurja section of the eastern dedicated freight corridor.

"Every three years there is fall in demand in economy. It is a cycle. Then the economy picks up also," he added.

Prior to this, Railway Minister Piyush Goyal had also likened the slowdown in the economy as a ‘structural adjustment’.

Opposition parties including the Congress have been criticising the government over the state of the economy and plan to raise the issue in the upcoming Winter Session of the Parliament.

Moody’s Investors service on Thursday slashed India’s economic growth rate estimates to 5.6%, following closely on the heels of a similar downgrade of growth forecast to 5.8% in October.

India’s largest public sector bank State Bank of India said earlier this week that India’s Q2 growth could slow down to 4.2%.

The FY 20 growth estimates have come down to sub-5%, as against a 6.1% forecast made earlier, the bank said in a report.

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