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"3 Films Made 120 Crore In A Day": Ravi Shankar Prasad Says Economy Fine

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"3 Films Made 120 Crore In A Day": Ravi Shankar Prasad Says Economy Fine

Ravi Shankar Prasad argued that the box office performance of three Bollywood movies presented a rather different picture of the economy than claimed by most financial experts.

All India | Edited by Anindita Sanyal | Updated: October 12, 2019 20:09 IST
 
 
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Electronic manufacturing, IT sector, Mudra loan are performing very well, Ravi Shankar Prasad said.

 
NEW DELHI: 

Union minister Ravi Shankar Prasad on Saturday presented a bizarre logic to support the government's claim that the economy is doing well. In Mumbai to campaign for the BJP in the coming assembly elections in Maharashtra, Mr Prasad argued that the box office performance of three Bollywood movies presented a rather different picture of the economy than claimed by most financial experts.

"I was also told that on October 2, which is observed as one of the national holidays, three Hindi movies garnered Rs. 120 crore business on that day. Unless the economy is sound in the country how can only three movies collected so much business in a single day?" the minister was quoted as saying by news agency Press Trust of India.

"Electronic manufacturing, Information and Technology sector, Mudra loan, commerce services are performing very well. We never said that we will give government jobs to everyone... There are some people who have organised against the government and misleading people over unemployment," Mr Prasad said weeks after the economic growth dipped to a five-year low.

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.

Asked to comment on her statement, Mr Prasad said, "The measurement of IMF about India is still incomplete. And do not forget, India was on the 11th position when Manmohan Singh was in power; today it is the fifth largest. We have surpassed even France".

Earlier this year, an unreleased report of the periodic labour force survey of the National Sample Survey Office also indicated that employment figures are at a 45-year low, standing at 6.1 per cent in 2017-18, the Business Standard newspaper reported. It had stated that the rate of joblessness was this high in 1972-73. In 2011-12, the figure was 2.2 per cent, it said. 

Over the subsequent months, infrastructure sectors had slowed and the automobile sector had gone into a meltdown. In September the passenger vehicle sales slumped 23.7 per cent, the eleventh straight month of decline. Car and auto component makers have cut thousands of jobs and halted some production.

https://www.ndtv.com/india-news/3-films-made-120-crore-in-a-day-ravi-shankar-prasad-says-economy-fine-2115852?pfrom=home-topscroll

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After Backlash, Law Minister Withdraws "3 Films Made 120 Crores" Comment

 

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.

 

HIGHLIGHTS

  1. Ravi Shankar Prasad cited earnings of 3 films and said economy was fine
  2. "Comment was taken out of context," he said after backlash
  3. 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.

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.

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cocacola

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3 minutes ago, jefferson1 said:

thats all millenials fault ani Nirmala aunty cheppindi kada already...

Chai wala pm. Pan wala and doodh wala emo cabinet ministers ayithe ilage untadhi mari

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