Union Law Minister Ravi Shankar Prasad
Union Law Minister Ravi Shankar Prasad

On October 2, a total of 3 movies earned a combined collection of Rs 120 crore. The three blockbusters that achieved this feat are War, Joker and Syera. Union Law Minister Ravi Shankar Prasad took this as an opportunity to dismiss the economic slowdown plaguing the country. In a press conference, he cited these figures and went on to explain that these record collections are happening since the ‘economy is sound’.

This is what Ravi Shankar Prasad told reporters when asked a question on the country’s 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 film critic Komal Nahta told me that the national holiday [Oct 2] saw earning of Rs 120 crore by three movies. This figure of Rs 120 crore can only come when the economy of a country is sound".

The manufacturing sector, which contributes over 77 per cent to the IIP (Index of Industrial Production), showed a decline of 1.2 per cent in output during August 2019 as against a growth of 5.2 per cent in the same month of last year.

The government has taken a series of measures to boost demand and give a fillip to the economy.

Finance Minister Nirmala Sitharaman had last month also announced a reduction in corporate tax rates for domestic companies.

In September this year, Union Finance Minister, Nirmala Sitharman had blamed millenials for the slump in car sales, who she said prefer to take Uber and Ola instead of opting to buy a car.

---With inputs from ANI

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