31.6 C
Kuwait City
October 23, 2019
Home » In defence of economy, minister cites ‘huge business’ by 3 movies in a day | india news
HindustanTimes Business

In defence of economy, minister cites ‘huge business’ by 3 movies in a day | india news

Union minister Ravi Shankar Prasad on Saturday highlighted the “huge business” done by three movies released on single day to underscore the “soundness” of the Indian economy.

“On October 2, three movies were released. Film trade analyst Komal Nahta said that the day saw earning of over Rs 120 crore, a record by three movies. Economy of country is sound, that is why there is a return of Rs 120 cr in a day,” the minister was quoted as saying in Mumbai by ANI.

The three movies, released on Gandhi Jayanti, that the minister talked about were Joker, War and Sye Raa Narasimha Reddy.

The comment comes on the back of industrial output figures released on Friday which presents a different picture. The government data revealed factory output shrank by 1.1% in August, recording the poorest performance in seven years due to a sharp decline in production of capital goods and consumer durable.


Industrial production growth for the first time in more than two years has slipped into negative territory.

Data released by the ministry of statistics showed manufacturing and electricity contracted 1.2% and 0.9%, respectively, while mining output remained almost flat growing at 0.1%.

Earlier this month, the Reserve Bank of India cut policy rates by 25 basis points and resolved to continue with an accommodative stance as long as it is necessary to revive growth. Realising that the economic downturn is sharper than it earlier anticipated, it pared down its full year growth forecast to 6.1% in 2019-20 from 6.9% projected earlier.

In September, Home Minister Amit Shah held a meeting with BJP-ruled states on the economic slowdown.

The economic growth slowed to a seven-year low to 5 per cent in April to June quarter from 8 per cent a year ago, as per the government data.

Finance Minister Nirmala Sitharaman has announced a series of steps to arrest slide, revive growth and uplift consumer sentiment.

On Friday, conceding that GST may have some flaws in its present form, Sitharaman asked tax professionals not to condemn it and sought their help to improve the system instead.

The minister was replying to concerns raised by taxation industry professionals here, who said the industry was “cursing” the government over how the GST was implemented.

Billed as the biggest reform in indirect taxation, the goods & services tax, which does away with a host of levies from the federal to the local government levels, was implemented in July 2017.

First Published:
Oct 12, 2019 19:52 IST

Source link
Click here to read more news from @hindustantimes

Related posts

PM’s niece followed for 15 mins before snatching; 100 officers on case | delhi news


India, China to focus on culture, mutual learning | india news


CPCB says let employees work from home, carpool to work to curb air pollution in Delhi | india news


This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please spend a minute

Gulflance Poll

Which is worst social media?
Vote Now
Sign-up for exclusive content. Be up to date with Gulflance

You're currently offline