GDP growth rate at sobering 6.7 per cent, banking system bankrupt: Chidambaram
New Delhi, June 10: Senior Congress leader P.Chidambaram on Sunday slammed the Narendra Modi government for its poor showing on economic indicators after four years rule, noting the GDP growth rate was at a "sobering" 6.7 per cent and the "banking system bankrupt" with gross NPAs rising from Rs 2,63,015 crore to Rs 10,30,000 crore.
"On the day after the Central Statistics Office (CSO) released the growth numbers for 2017-18, the media played up just one number: 7.7 per cent," he said, in a series of tweets.
"At first blush it appeared to be the GDP growth number for the whole year 2017-18, and was certainly impressive. Actually, it was the growth number for just one quarter, Q4, and the uptick was also because of the low base effect. For the whole year, however, the GDP growth rate was a sobering 6.7 per cent," he said.
"At the end of four years, the government has switched over to a modest Saaf Niyat, Sahi Vikas (Clean intention, right progress)!.
"At the end of four of the five years allowed to a government, the people cannot be expected to judge a government by its intent. The correct test is outcomes. Look at the boxes with the graphs. And every line, after showing promise in the first year, has dipped.
"From 8.2 per cent to 6.7 per cent in two years, it is a fall of 1.5 per cent - exactly what I had predicted after demonetisation," he noted.
"Gross NPAs have risen from Rs 2,63,015 crore to Rs 10,30,000 crore and will rise more. The banking system is practically bankrupt. I have not come across a banker who will willingly sanction a loan; nor an investor who will confidently borrow money," he added.
Chidambaram also said credit growth dipped drastically from 13.8 per cent to 5.4 per cent before recovering somewhat in 2017-18.
"Within credit growth, it is credit to industry that is important. In the last four years, annual credit growth rates to industry were 5.6, 2.7, - 1.9 and 0.7 per cent," he said.
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India can never permit others to have veto on its choices: EAM Jaishankar
Mumbai (PTI): External Affairs Minister S Jaishankar has said India can never permit others to have a veto on its choices and will do whatever is right in the national interest and for the global good without being intimidated to “conform”.
In a video message for a function in Mumbai on Saturday, he said when India is etched more deeply in global consciousness, its repercussions are truly profound.
In a world grappling with unhealthy habits, stressed lifestyles or recurring climate events, there is much learning to be gained from India’s heritage. But the world will only know when the countrymen take pride in it, he said.
In an age of globalisation, technology and tradition must march together, said Jaishankar.
“Bharat will inevitably progress but it must do so without losing its Bharatiyata. Only then can we truly emerge as a leading power in a multi-polar world,” he said.
Jaishankar was conferred the 27th SIES Sri Chandrasekarendra Saraswati National Eminence Award. The awards are given in four fields – Public Leadership, Community Leadership, Human endeavour, Science and Technology and Social Leadership – with primacy on spiritualism.
The awards are named after the late 68th Seer of Kanchi Kamakoti Peetam Sri Chandrasekarendra Saraswathi.
The foreign minister did not attend the event but sent his video message.
“Independence should never be confused with neutrality. We will do whatever is right in our national interest and for global good without being intimidated to conform. Bharat can never permit others to have a veto on its choices,” he said.
“For too long we were schooled to visualise progress and modernity as a rejection of our heritage and traditions,” Jaishankar said.
Perhaps, this came from an affinity for imported models, or perhaps it was a discomfort with its own practices. But now as the deepening of democracy has thrown up more authentic voices, the country is rediscovering itself and finding again its own persona, he said.
Jaishankar said India is an exceptional nation because it is a civilisation state. Such a country will only exercise influence when it fully leverages its cultural strengths in the global arena, he said.
“To that it is essential that we ourselves, the younger generation, are fully aware of the value and significance of our heritage. This can be articulated at various levels, but most importantly it should have an impact at the societal level,” he said.
Jaishankar said India is poised today at a crucial juncture. On the one hand, the last decade has demonstrated that it has the capabilities, confidence and, most importantly, the commitment to advance development across broad fronts.
It has shown that the age-old problems of poverty, discrimination and lack of opportunities can be indeed addressed. On the global stage, it has established itself as an independent power but one committed to global good, especially the well-being of the global south, he said.
“At the same time, however, the constraints and limitations that have long been our bane still remain in place. There are viewpoints and ideologies which are more pessimistic and even denigrating of ourselves,” added Jaishankar.
