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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Netanyahu refuses to halt Israeli strikes, 70 killed in Gaza, including 22 children during the ‘offe
DEIR AL-BALAH: Israeli air raids hit northern and southern Gaza on Wednesday, killing at least of 70 individuals, including almost two dozen children, according to hospitals and health officials. The raids carried out after Israeli Prime Minister Benjamin Netanyahu's statement a day earlier that there will be no pause to the army campaign, asserting that Israel's offensive would endure until the militant group is utterly dismantled.
At least 50 individuals, 22 of them children, died in raids around the Jabaliya area in northern Gaza, hospitals and Gaza's Health Ministry reported. In Jabaliya, rescue workers used hand tools and the light of cellphones to dig through rubble and retrieve the bodies of children trapped beneath collapsed concrete.
Israel’s military declined to comment on the latest strikes but had issued warnings to Jabaliya residents late Tuesday, urging them to evacuate due to the alleged presence of militant infrastructure, including rocket launchers.
Israeli Prime Minister Benjamin Netanyahu refused any pause in military operations in Gaza, stating that the offensive will persist until Hamas is fully dismantled. Netanyahu, in remarks released by his office Tuesday, stated that Israeli forces were preparing for a major escalation in Gaza, vowing they would advance "with great strength to complete the mission... It means destroying Hamas."
