Dismissing the reports of an economic slowdown in India, Union Law Minister Ravi Shankar Prasad, stated a bizarre fact on Saturday - quoting box office collections in a day, at a press briefing in Mumbai. He said that films have been dear to him since his stint as an Information & Broadcast Minister. Quoting trade analyst Komal Nahta, he claimed that movies - War, Joker and Sye Raa Narasimha Reddy had amassed a combined collection of Rs. 120 Crores on October 2. Pointing out the dissimilarities, he questioned how India could be in a slowdown when such returns were witnessed by Bollywood.
"As I am in Mumbai, I have come to know about a very interesting story regarding slowdown. As I was an Information & Broadcasting minister in the Atalji government, films have always been dear to me. In the huge business by movies - on October 2 three movies were released. According to trade analyst - Komal Nahta, 'The national holiday of October 2 saw the movie earning of Rs. 120 Crore a record by three movies- War, Joker and Sye Raa.' If the nation's economy is sound, then only such a return can be witnessed in a day?" he said.
The Opposition has time and again questioned the Centre on India's current slowdown. Senior Congress leader Abhishek Manu Singhvi on Monday attacked the Central Government for its handling of the economy of the country and asked the Government of India to ‘wake up’. Singhvi took to Twitter to express his disappointment and listed several factors - drop in funding, growth rate decrease, the decline in exports etc which are weakening the economy. He also tweeted about the rate of Indian rupee falling against the US dollar.
Wake up #GOI #PM #FM. 88% drop in fund flows 2comml sector; growth rate down by 1% & likely of falling 2b 5; exports suffering despite depreciating rupee; falling investment &savings rate; rising unemployment—indicates serious structural weakness. Hope nt #recession 2 #depression— Abhishek Singhvi (@DrAMSinghvi) October 7, 2019
Meanwhile, on Friday, Industrial growth shrank 1.1% in August, after a gap of 26 months according to the Industrial production Index (IIP). The data released showed the April-August factory output growth at 2.4% well below 5.3% for the same period in the last fiscal. Apart from this, the Society of Indian Automobile Manufacturers (SIAM) report sales of passenger vehicles plunged to 23.7 percent in September marking the 1t1h straight month of decline in automobile sales. The SIAM data showed sales of passenger vehicles dropping down further to 2,23,317 units in September from 2,92,660 a year ago. The passenger car sales dropped to 33.14 percent to 131,281 units.