Economy is sound, which is why 3 movies made Rs 120 cr: IT Minister Ravi Shankar Prasad

The IT Minister also said that the NSSO report on unemployment is false and that some people are trying to mislead the country.

Money Economy

In yet another defence of the economic slowdown in the country, Union Minister for Electronics and Information Technology Ravi Shankar Prasad cited three ‘blockbuster’ movies to say that there is no economic slowdown.

Addressing a press conference in Mumbai on Saturday, he said that huge business by movies was a sign that there is no economic slowdown.

“I was told by Komal Nahta, Bollywood trade analyst that the holiday of October 2 saw earning of over Rs 120 crore by three movies – War, Joker and Sye Raa. The economy is sound, which is why there were returns of Rs 120 core,” the union minister said, in what seemed to be a response to a question asked.

#WATCH Union Minister Ravi Shankar Prasad in Mumbai: 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. Economy of country is sound, that is why there is a return of Rs 120 cr in a day. pic.twitter.com/fHpTqZJg4w — ANI (@ANI) October 12, 2019

The minister has defended the economy earlier as well. At an event in September, he said that the fundamentals of the Indian economy remain strong amidst global and political turbulence and that India was an attractive investment destination thanks to the government’s policy interventions and taxation reforms.

"In spite of all the turbulence we are witnessing globally, the fundamentals of the Indian economy are very strong. Whether it is fiscal deficit, inflation, FDI or Forex reserves, all point towards robustness of our economy," he was quoted as saying.

India has been witnessing a slowdown over the past few quarters with the GDP too, hitting a 6-year low in August.

The country’s factory output too, due to contraction in manufacturing activity hit a 7-year low decelerating to (-)1.1% in August 2019 from a rise of 4.6 per cent reported in July.

Speaking at the press conference, Prasad also said that the NSSO report on unemployment is false and that it didn’t include the 10 data points he had given them. He further added that some people are trying to mislead the country. “I gave you 10 relevant data, not one is present in the report. We never said we will give government jobs to everyone," he added.