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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Inappropriate for MLAs seeking free IPL tickets, says D.K. Suresh
Bengaluru: Bengaluru Milk Union Ltd President D.K. Suresh on Monday said it is inappropriate for MLAs to seek free IPL tickets, adding that those interested in watching matches should pay for them personally.
Speaking to reporters near his residence in Sadashivanagar, he said, “IPL is a commercial tournament and does not represent the country. It is not right for public representatives to focus too much on such matters.”
Referring to the recent controversy during the RCB celebrations, he said, “let us find out who benefited the most from the statements made during the incident.” He also pointed out that BJP MLAs had received IPL tickets as well.
Responding to discussions about relocating the Chinnaswamy Stadium, Suresh said the government has already approved the construction of a new stadium at a location he had proposed.
“I had suggested building a stadium in Surya City and submitted a proposal for it. Bengaluru needs four stadiums in four directions to cater to its growing population and encourage youth participation in sports,” he said.
He noted that apart from Kanteerava Stadium, KSCA, and the Football Stadium, there are limited facilities in the city.
“When I was a Lok Sabha member, I had proposed allocating 100 acres in my constituency at Surya City. The land was later earmarked and the plan approved,” he added.
Suresh said he has discussed the project with Minister Zameer Ahmed Khan, Rajiv Gandhi Housing Corporation Chairman Shivalingegowda, and Anekal MLA Shivanna.
“The Cabinet has now approved the project, and a stadium will be developed on around 50–60 acres,” he said.
He further added that he has requested the Deputy Chief Minister to build another stadium at Shivarama Karanth Layout through the BDA, where 40 acres have been allocated. Plans are also being discussed to develop a well-equipped stadium in Bidadi.
Commending state government's recent bilingual policy move, Suresh said forcing children to learn three languages could affect their comprehension.
“It is a good decision to make two languages compulsory. Learning a third language should be left to the choice of students and parents,” he said.
Responding to criticism from BJP leaders, he said their tendency is to oppose every decision of the government.
“To please their central leadership, they take a pro-Hindi stance. Instead, they should advocate for the adoption of Kannada in all states,” he said.
When asked about the earlier three-language policy under Congress, he said, “the situation is different now. Today, the focus should be on quality learning. Kannada should remain the primary language, while students and parents can choose an additional language.”
