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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PM did not mention Trump, US; for first time a third country interfered in our matter: Kapil Sibal
New Delhi, May 12 (PTI): Rajya Sabha MP Kapil Sibal on Monday questioned why Prime Minister Narendra Modi neither mentioned the US nor President Donald Trump in his address to the nation despite them "interfering" in India's conflict with Pakistan.
Sibal also said the prime minister did not even state how the understanding with Pakistan on halting military hostilities was reached.
Sibal's attack came after Modi's address to the nation in which he sternly warned Pakistan that India will not succumb to nuclear blackmail and sent a clear message to the world -- terror and trade, terror and talks cannot go together.
"Any talks with Pakistan can happen only on terrorism and Pakistan-occupied Kashmir," the prime minister said.
Modi's assertions about not doing trade with Pakistan came minutes after US President Donald Trump said that he told India and Pakistan that his administration will do trade with them only if they end the conflict.
Reacting to the prime minister's remarks, Sibal said, "We all laud the courage of the armed foreces. People of the country salute them for giving a befitting reply to Pakistan. Whenever such terror attack (Pahalgam) takes place, our army will give a befitting reply."
"Some questions arise from the prime minister's address. He neither mentioned the US nor President Trump. Everyone knows that we were told that on May 10, 3:30 pm DGMO Pakistan called our DGMO and then at 5:30 pm Trump made a post on social media. He (Trump) claimed that the 'US mediated the ceasefire...and we were talking with India and Pakistan for the last 48 hours'," Sibal said at a press conference here.
The Independent Rajya Sabha MP also referred to Trump's remarks just ahead of the PM's address to attack Modi.
President Trump on Monday claimed that his administration stopped a "nuclear conflict" between India and Pakistan, adding that he told the two countries America will do a "lot of trade" with them if they stop the conflict.
"And we helped a lot, and we helped also with trade. I said, 'Come on, we're going to do a lot of trade with you guys. Let's stop it. Let's stop it. If you stop it, we're doing trade. If you don't stop it, we're not going to do any trade'," he claimed.
Referring to Trump's remarks, Sibal said Modi did not speak anything on that also.
"He (Modi) said that we have established a new dimension with Operation Sindoor. Yes, for the first time in India's history, a third country interfered in our matter and told us that they will decide what is to be done...you don't even mention how this understanding was reached (with Pakistan)," Sibal said.
"The second thing was that Modi said if Pakistan does such a thing again, we will give a befitting reply, which means terrorism has not been ended, all terrorists have not been killed and it can happen again. Mr. Prime Minister, I would like to say something, Pulwama happened under whose watch? Pahalgam happened under whose watch? Who will take responsibility for it?" Sibal said.
President Trump did not even mention terrorism in his remarks as if it is not an issue, the former Congress leader said.
India and Pakistan have reached an understanding to stop all firings and military actions on land, air and sea with immediate effect after four days of cross-border strikes that triggered fears of a wider conflict.
In a short announcement, Foreign Secretary Vikram Misri said the directors general of military operations of the two countries agreed on the understanding during a call this afternoon.
The decision by India and Pakistan was first made public by Trump in a social media post while claiming that the talks between the two sides were mediated by the US.
