The Saga of Economic Mismanagement
1. BJP government inherited a growing economy, strong on macro-fundamentals from the UPA. India’s economic growth has slowed down sharply, driven primarily by DEMONETISATION. GDP decelerated at 6.1 % year-on-year between January 2017-March. Gross Value Added (GVA), a true sub-measure of economic activity, has experienced a steep fall. The GVA growth of the industry has fallen from 10.7% in March 2016 to a low of 3.8% in March 2017, a decline of nearly 7 percentage points.
2. कांग्रेस के काम, मोदी जी का नाम! – BJP has merely survived on UPA schemes; MNREGA, Aadhaar, DBT, Nirmal Abhiyan, Financial Inclusion Scheme, GST etc.
3. BJP government is expanding the House of Debt and letting PSU banks self-destruct. Banking system burdened with Rs.14 lakh crore of bad loans – NPAsat a whopping 15% of the system.
4. ‘Make-in-India’ Lion has failed to roar. Manufacturing contracted by (-3.7%) until March 2016, the first decline in 7 years. Industrial sector slowed to 5.2% in FY 2017 from 7.4% of last year.
5. Credit growth at 5.3 % in 2016-17, lowest in over 60 years.
6. BJP Government earned a windfall of US$ 40 Billion or Rs. 233,000 crore by a reduction in Crude Oil Prices from $108.05 to $48.82 (May 2014 to May 2017) Where has the money gone? Why was the benefit of reduced Oil Prices not given to the Consumer?
7. State Bank of India, India’s biggest lender, has started charging the penalty on non-maintenance of minimum balance in accounts, ATM charges and other services – affecting 31 crore savings accounts including pensioners and students.