Union home minister Amit Shah said the Narendra Modi government has taken measures to address the slowdown in the economy and its effects will yield results soon. Speaking exclusively to Network18 group editor-in-chief Rahul Joshi, Shah said in the last six years PM Modi has given a stable economy and the country is moving forward.

“The slowdown is not only in India, but this is also global. Because of the global slowdown, India's economy will get affected due to globalisation. Comparing India’s economy with the world's economy is not required. You should look at the top 10 economies and how their GDP dropped and by what percent. Then you can compare how much India has dropped. This comparative study must be done. This is the best way to assess our performance," said Shah

Shah also said that the government is taking steps to address the slowdown and its results will be visible soon.

“Since the global slowdown began, India’s finance minister has consulted with many traders, cas & economists. Many things have come out of this. The govt has been able to come out with many decisions. These have happened within 5 blocks. Luckily, kharif crop has fared well. The entire country has received plentiful rain. Kharif crop alone must fare between 5-6 lakh crore. These new steps taken by the finance minister will show their effects soon. Situation will improve eventually.”

Meanwhile, Moody's Investors Service on Thursday slashed its 2019-20 GDP growth forecast for India to 5.8 percent from 6.2 percent earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors.

The projection is lower than 6.1 percent that the Reserve Bank of India (RBI) had forecast just last week.

Last month, the Asian Development Bank and the Organisation of Economic Cooperation and Development lowered 2019-20 growth forecast for India by 50 basis points and 1.3 percentage points to 6.5 percent and 5.9 percent, respectively.

Read other stories from the interview here.

First Published:Oct 17, 2019 1:10 PM IST