No Economic Slowdown As 3 Blockbuster Movies Earned Rs 120 Crore On Oct 2: Ravi Shankar Prasad

During a press conference held in Mumbai earlier in the day, the senior BJP leader cited earnings of three blockbuster movies to dismiss the claims of economic downfall.

Ravi Shankar Prasad On Economic Slowdown: 3 Blockbuster Movies Earnings GDP Forecast
India's GDP figures slipped to a six-year low of five per cent for the June quarter. (File Photo/ Getty)
By: ABP News Bureau
Updated: 12 Oct 2019 06:19 PM
Mumbai: After several Bharatiya Janata Party (BJP) ministers citing unconventional factors to rebut the ongoing economic slowdown in the country, Union Minister for Law and Justice, Communications and IT Ravi Shankar on Saturday pointed out yet another unceremonious reason justifying the same. During a press conference held in Mumbai earlier in the day, the senior BJP leader cited earnings of three blockbuster movies to dismiss the claims of economic downfall. Speaking to reporters, Prasad said three movies collectively earned Rs 120 crore on October 2 which goes to prove that there is no economic slowdown at all.

The minister further asked that why these three blockbuster movies did a business of Rs 120 crore when the critics were saying that there is an economic slowdown. “I was Information and Broadcasting Minister in former Prime Minister Atal Bihari Vajpayee's government and I am fond of movies. Movies have been doing huge business. Three movies released on October 2 and a film critic Komal Nahta told me that October 2, Gandhi Jayanthi Day, saw earning of Rs 120 crore by three movies. Rs 120 crore comes in a country which has a sound economy," he said.


Watch Ravi Shankar Prasad's Statement Here:



India's gross domestic product (GDP) figures slipped to a six-year low of five per cent for the June quarter. This is not for the first time that a BJP leader has tried to justify economic slowdown citing extraneous reasons. Last month, Commerce and industry minister Piyush Goyal stoked a controversy when he said India’s decision to become a $5-trillion economy should not be viewed through calculations and Mathematics as he said Mathematics did not help Albert Einstein discover gravity.

However, Goyal later clarified his comments and blamed 'some friends' for creating what he called a mischievous narrative. Even Finance Minister Nirmala Sitharaman had, last month, stepped herself in controversy after she blamed the mindsets of millennials for the ongoing slowdown in automobile sector. Speaking at a press conference, Sitharaman said, "Some studies do tell us the mindsets of the millennials who are now preferring not to commit towards an EMI for buying an auto mobile, instead would prefer to have Ola and Uber or everything else, or take the metro.”

Statements from senior BJP leaders were highly criticised by Opposition and sparked several debates on social media. Moody's Investors Service, earlier this week, slashed its 2019-20 GDP growth forecast for India to 5.8 per cent from 6.2 per cent earlier, saying the economy was experiencing a pronounced slowdown which is partly related to long-lasting factors.

The projection is lower than 6.1 per cent that the Reserve Bank of India (RBI) had forecast just last week. India's real GDP growth has declined in each of the past five quarters, falling to 5 per cent year-on-year in April-June 2019 from 8.1 per cent in January-March 2018.

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