Patna:Sushil Kumar Modi, Deputy Chief Minister and Finance Minister of Bihar, has termed the slowdown in the economy as 'recurring' during the months of 'saawan bhado.'
In a tweet, Sushil Modi claimed that every year their is a cyclic slowdown in the economy during the fifth and sixth month in the Hindu calendar and opoosition leaders are creating noise the slowdown to vent their frustration after the election defeat.
This comes at a time when the economic growth is at a seven-year low of 5% in April to June quarter, according to government data.
Several Opposition parties have blamed Prime Minister Narendra Modi-led government for being ineffective in controlling the dip in agriculture and manufacturing sectors.
However, Bihar Deputy CM claimed that Central government's 32-point relief package and merger of 10 banks will increase the lending capacity which would spur the economic growth.
Union Finance Minister Nirmala Sitharaman on Friday unveiled a mega plan to merge 10 public sector banks into four as part of plans to create fewer and stronger global-sized lenders as the government looked to boost economic growth from a five-year low.
Read: No employee will lose job due to merger of banks: FM
