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Low growth in the NaMo government?

Monday, January 08, 2018

Narendra Modi's government over low growth estimates for the current fiscal, is the worst fears of an imminent economic slowdown have come true. There is a decline in new projects and fresh investment. The informal sector is reeling under the ill-effects of demonetisation. Job creation is abysmal, exports are plunging, and manufacturing sector growth has slowed down. The agriculture sector has been hit hard and rural despair is abundant. Job creation remained the "single biggest failure" of the BJP government. The bank credit growth was extremely sluggish and it did not bode well for the economy. The Modi government's tall claims of India growing at a robust growth rate have evaporated in thin air, the recent social discontent could be a "direct manifestation of this economic slowdown, which the government was conveniently hiding''. While the GDP growth is estimated at 6.5 per cent during 2017-18 as compared to 7.1 per cent in 2016-17, Retail inflation soared to a 15-month high of 4.88 per cent in November and the industrial output hit a three-month low of 2.2 per cent in October. The investment picture remains bleak. The manufacturing sector has seen the sharpest fall and fiscal deficit is likely to overshoot the budget estimates of 3.2 per cent of GDP. This country is heading for a disastrous situation under the inefficient Modi government, and will be worst in the coming time.

— Bhagwan Thadani, Mumbai

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