On Twitter, Ravi Shankar Prasad said his comments were taken out of context. (PTI)

Highlights Ravi Shankar Prasad cited earnings of 3 films and said economy was fine

"Comment was taken out of context," he said after backlash

India's economic economic growth has dipped to a five-year low

Union Minister Ravi Shankar Prasad has withdrawn his yesterday's comment where he cited the box-office collections of three Bollywood movies and said the economy was in good shape. In a series of tweets, the minister said today that his comment was taken out of context. Ravi Shankar Prasad's comment about three Bollywood movies making Rs 120 crore in a single day, was "factually correct", he said.

"My comments made yesterday in Mumbai about 3 films making Rs. 120 Cr in a single day -- the highest ever, was a factually correct statement. I had stated this as I was in Mumbai- the film capital of India," the minister tweeted.

"Entire video of my media interaction is available on my social media. Yet I regret to note that one part of my statement has been completely twisted out of context. Being a sensitive person I withdraw this comment," another of his tweets read.

My comments made yesterday in Mumbai about 3 films making ₹120 Cr in a single day- the highest ever, was a factually correct statement. I had stated this as I was in Mumbai- the film capital of India. ...(1/4) pic.twitter.com/RL62YhjpZt — Ravi Shankar Prasad (@rsprasad) October 13, 2019

In the video he tweeted, the minister is heard saying: "On October 2, three movies were released. Mr Komala Nahata, a renowned film trade analyst, said that the national holiday of 2nd October saw Rs 120 crore, a record by three movies - War, Joker and Sye Raa. Only because the country's economy is sound, Rs 120 crore can be earned in one day."

The minister's reported comment was hugely criticised.

The Congress's Jairam Ramesh was among the first to take a dig at the minister, saying China has rather different parameters for its economy.

"Li Keqiang, China's PM inspired the Keqiang index to measure health of economy with the indicators: rail freight, power consumption & bank credit. For our very own IT Minister @rsprasad daily film trade turnover is better. Pra-sad index indeed," Jairam Ramesh tweeted.

The economic growth dipped to a five-year low and recently, the International Monetary Fund said the worldwide economic slowdown is more pronounced this year in India and Brazil.

Pointing to the two nations, IMF Managing Director Kristalina Georgieva said 90 per cent of the world is likely to have slower growth in 2019.