It's Pra-Sad index: Cong on Prasad's box office collection logic for judging economic health

Senior Congress leader Jairam Ramesh on Saturday took a dig at Union minister Ravi Shankar Prasad for linking the Indian economy's health with box office collection of three Bollywood films and said even China measures its economy on parameters like power, credit and freight.

Ramesh's remarks came in response to Prasad's remarks, who cited box office collections of three Bollywood films released on October 2 to claim that the economy is sound.

"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," Ramesh tweeted.

Meanwhile, CPI(M) general secretary Sitaram Yechury also reacted to Prasad's remarks, saying the BJP government lets no opportunity slip to mock at the misery of the people.

"This BJP govt lets no opportunity slip to mock at the misery of the people. First they create an economic crisis by mismanaging things, then instead of taking remedial measures, continue to be in denial.

"Lakhs of workers have lost jobs in just the auto and textile sectors. Investment and Savings levels are at an abysmal low, Unemployment is at its highest in five decades and even biscuit sales are down. No amount of denials, tamashas and fudging of data can hide this truth," Yechury tweeted.

Prasad, who was speaking in Mumbai, said he was 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 three movies collect so much business in a single day, he asked.

Prasad comments drew sharp reactions on social media.