20
months have passed, since the Mr. Narendra Modi led BJP Government came to
power, but he yet behaves as a leader in opposition clamouring for power.
Wherever he goes, instead of apologizing for the misdeeds of his own
Government, he yet repeats his parroted lines of blaming the opposition,
especially the Congress party for everything. Recently, in a public meeting in
Coimbatore, he said "The opposition
parties are showing their anger against the government in the Rajya Sabha by
blocking schemes that would benefit the poor,"
While
he has miserably failed to deliver on any front that deals with welfare and
relief to people, he constantly tries to play petty politics in an unending
electoral campaign.
Following are some worrying statistics which prove the
disastrous track record of this Government in managing India’s Economy- :
1) The Indian Economy grew at just 7.2% in the
first half of the financial year 2015-16, while it grew at 7.3% in the entire
financial year of 2014-15. The economic growth remained flat in the 20
months of the Modi Government. This is after the base year to calculate the GDP
was revised so as to increase the numbers.
2) The Index
of Industrial Production recorded
a negative 3.2 which is the lowest in four years. This is the very barometer of
PM's “Make in India” dreams which is turning out to be a mere slogan just as
everything else.
3) Purchasing
Manager Index fell
below 50 which formally signifies that there is contraction in the
manufacturing sector.
4) 2015 saw 6 months of FII outflows from
capital markets, the worst since the
global 2008 financial crisis. More than Rs 11126 Cr was withdrawn in the month
of January, this year- worst since past 8 years.
5) The Rupee which was at Rs 58.5 to the
dollar when Mr. Modi took charge has slid to
Rs 68.16 to the dollar and continues to fall precipitously. A fall of 16.5%
since.
6) Rural demand continues to be weak.
7) Private investment is stagnant. Exports and corporate sales grew by
25-30% in the last decade; today, exports are -5% and corporate sales 0%
8) Consumer
prices (CPI inflation) are rising
amidst all this due to increase in service taxes. Consumer inflation up 5.6%.
Consumer inflation edged up for the fifth straight month in December on rising
food prices
9)
Food
inflation up 6.1%
10) Capital Goods demand contracts 24.4%.
11) Freight Volumes by rail and sea are
stagnant.
12) Cement production is weak. Core sectors
are suffering.
13) New Capital Expenditure projects have
shrunk.
14) New projects worth only Rs. 1 lakh
crore were announced in the December 2015 quarter, down from Rs. 4 lakh crore
in December 2014. This is the lowest in the past 5 quarters.
15) The value of abandoned projects also increased by 19% in 2015 compared
to the same period in 2014. The transport infrastructure and storage sector
accounted for 60% of these abandoned projects.
16) Confidence of India Inc is fast fading.
17) 1 million Indians entering job markets
in India have no opportunities. Jobs have contracted.
18) There has been a windfall advantage of
a historic low in the prices of international crude, but the benefits of this are not been passed on to the consumer.
19) The Government talks about Make in
India but the driver of manufacturing in India which is the SME sector not receiving lending.
20)
Under
MGNREGA, instead of a 100 days only an average 39.98 days of employment is been
made available to workers, despite severe rural distress
A
greater cause for concern is that since it came to power the Modi Government
has systematically neglected and weakened the social sector schemes which had
been put in place by previous Governments. These schemes and programmes were
aimed at helping the poorest in India.
A
few may recall the current PM’s fondness, in 2013, of asking whether the rupee
will fall to a point where it exceeds the former PM Dr. Manmohan Singh’s age.
In an ironic twist of fate, the rupee has, on his watch, fallen past the ages
of the current PM and the FM. At the rate at which it is going, it won’t be
surprising if it crosses the ages of the veterans he has retired to the BJP’s
margdarshak mandal.
The
Modi Government continues on its campaign of ‘India Shining’ while the rural
population suffers. It’s high time a the Modi Government does a course
correction.
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