Is everything really fine, PM Modi? We don’t think so

Prime Minister Narendra Modi on Sunday attended the “Howdy, Modi” event in Houston, Texas, which was attended by US President Donald Trump and several US lawmakers.

Speaking in reference to the event tagline, ‘Howdy, Modi’, PM Modi said if the same expression was put to him, his answer would be “everything is fine in India”.

However, PM Modi’s assertion that all is well in India stands in complete contrast to the situation in the country.

PM Modi definitely needs to know that everything is not fine in the country and that the Indian economy is struggling hard to keep up but is still suffering severely.

• According to the National Sample Survey Office’s (NSSO’s) periodic labour force survey (PLFS), India’s unemployment rate stood at a 45-year-high of 6.1 per cent in 2017-18. According to the documents reviewed by Business Standard, the report stated that unemployment rate in 2017-18 was at its highest level since 1972-73.
• According to a CMIE report ahead of July-Budget, fresh investment had plunged to a 15-year low in the quarter ending June 2019.
• 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))

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• 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
• Rural demand, however, was affected by moderation in agricultural growth as reflected in tractors and two-wheelers sales
• According to GDP data released by the Central Statistics Office (CSO), private consumption expenditure for June 2019 quarter decelerated to an 18-quarter low of 3.1 per cent.
• 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