India’s unemployment rate rose to a 45-year high during 2017-18 but the BJP-led NDA government feels that the economy is in an absolute healthy condition. The economy is struggling and desperately needs reforms to bring itself back to pace but the Modi government is under the impression that the economy is way beyond its expected mark.
Looks like the Modi government is living in an illusionary world of its own where the economy is absolutely fit and moving ahead smoothly.
Well, we would like to bring some of the facts to you which show the deplorable condition in which the economy is right now:
- According to the Reserve Bank of India’s (RBI) latest annual report, banking sector reported 6,801 frauds involving a total Rs 71,542.93 crore in FY19
- Total banking frauds amount to Rs. 1.74 lakh crore (Rs. 19,455 crore (2015)+Rs. 18,699 crore (2016)+Rs. 23, 934 crore (2017)+Rs. 41,167 crore (2018)+Rs. 71,543 crore (2019))
- The report has also indicated that the estimate for real GDP growth for Q1 FY20 is near 5.5 per cent, which is lower than that achieved in the previous quarter
- “Overall, the outlook appears clouded as the Indian economy begins its course through 2019-20,” the RBI said in its annual report
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- Rural demand, however, was affected by moderation in agricultural growth as reflected in tractors and two-wheelers sales
- Air passenger traffic recorded its lowest growth in the last five years.
- Passenger vehicles sales were the lowest in five years on account of increase in insurance costs, volatile fuel prices and lack of financing options due to the liquidity stress in the non-banking sector
- The production of consumer non-durables slumped to its lowest level in the past three years
- India Ratings has lowered the economic growth for FY20 to a six-year low of 6.7% against the previous estimate of 7.3%
- RBI transferring a surplus of Rs. 1.76 lakh crore to the government
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