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.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
Regulator DGCA eases flight duty norms for pilots amid IndiGo crisis
Mumbai (PTI): Aviation watchdog DGCA on Friday eased the flight duty norms by allowing substitution of leaves with a weekly rest period amid massive operational disruptions at IndiGo, according to sources.
As per the revised Flight Duty Time Limitations (FDTL) norms, "no leave shall be substituted for weekly rest", which means that weekly rest period and leaves are to be treated separately. The clause was part of efforts to address fatigue issues among the pilots.
Citing IndiGo flight disruptions, sources told PTI that the Directorate General of Civil Aviation (DGCA) has decided to withdraw the provision 'no leave shall be substituted for weekly rest' from the FDTL norms.
ALSO READ: 49 Indigo flights likely to be cancelled from Hyderabad
"In view of the ongoing operational disruptions and representations received from various airlines regarding the need to ensure continuity and stability of operations, it has been considered necessary to review the said provision," DGCA said in a communication dated December 5.
The gaps in planning ahead of the implementation of the revised FDTL, the second phase of which came into force from November 1, have resulted in crew shortage at IndiGo and is one of the key reasons for the current disruptions.
#BREAKING: #DGCA relaxes a clause which debarred airlines to club leaves with weekly rest to mitigate #IndiGo crisis
— Economic Times (@EconomicTimes) December 5, 2025
🔴 Catch the day's latest news here ➠ https://t.co/8eVBGnsJUA 🗞️ pic.twitter.com/KUWc8R2Kso
