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Economic slowdown happens every year during months of 'saawan-bhado': Bihar Deputy CM Sushil Modi

The data released by the Central government on Friday showed that the economic growth plunged to a seven-year low of 5% in April to June quarter from 8% in 2018.

Economic slowdown happens every year during months of 'saawan-bhado': Bihar Deputy CM Sushil Modi

PATNA: Bihar Deputy Chief Minister Sushil Kumar Modi on Sunday slammed the opposition parties for trying to mislead the people by claiming that the country's economy is in shambles and stressed that the slowdown in economy is "cyclic" and it happens every year during the months of "saawan-bhado".

"Usually every year there is a cyclic slowdown in the economy during `saawan-bhado` (the fifth and sixth months in the Hindu calendar), but this time some political parties are creating noise over it to vent their frustration after the loss in elections," the senior BJP leader said in a tweet.

The data released by the Central government on Friday showed that the economic growth plunged to a seven-year low of 5% in April to June quarter from 8% in 2018. Several opposition parties have hit out at Prime Minister Narendra Modi for failing to take steps to control the slowdown the manufacturing and agriculture sectors, which are the main drivers of Indian economy.

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Sushil Modi, however, remarked that people should stop worrying much about the economic slowdown as necessary steps have been taken by the Centre to boost the economy. 

"Central government`s announcement of 32-point relief package and the merger of 10 banks will increase the lending capacity of banks whose effects will be visible in the next trimester," Sushil Modi, who is also Bihar's finance minister, said.

Sushil Modi also noted that the slowdown has not Bihar at all as no fall has been recorded in the sales of motor vehicle in the state. "The slowdown has not affected Bihar, there is no fall in sales of vehicles here. The Centre is soon going to announce the third package," the tweet added.