Amit Mitra presents figures, says country still in search of 'Achhe Din'
Kolkata: State Finance and Industry Minister Amit Mitra said that the country is still searching for "Acche Din" of Prime Minister Narendra Modi. Presenting statistics about the fall in GDP, GVA, Bank Credit Growth and various other parameters at the national level in fiscal 2016-17, Mitra said: "If the figures that I have presented is true then a person who has come to the city to speak in a chamber should be asked where is this Acche Din," Mitra said addressing the annual general meeting of Bengal Chamber on Tuesday.
Though Mitra did not name anybody, there will be no prizes to guess that his attack was against BJP national president Amit Shah who is presently in the city and will address industrialists at a special session by Merchant Chamber of Commerce on Wednesday.
Attributing demonetisation as one of the main causes for the decline in different growth parameters, Mitra said that the GDP growth in the country has declined from eight percent in the fourth quarter of 2015-16 to 7.1 percent in 16-17. The GVA has also fallen from 8.7 percent in 2015-16 to 5.6 percent in 2016-17.
"The bank credit growth has been the lowest in the last 20 years which is a clear indication that the small traders have bore the brunt of this. The bank credit growth that was 10.3 percent in the 2015-16 fiscal, has abruptly declined to 1.7 percent in 16-17," the Finance minister said.
The NPAs of PSU banks has also risen to a disturbing level in the 2016-17 fiscal. "NPA that was 5.17 percent in 15-16 has gone up to 11.97 percent in 16-17," he added.
Mitra also pointed out that farmers' suicide that was 11,772 in 2013 has gone up to 12,602 in 2016.
Mitra said that the economists had predicted that the GDP in the next fiscal 17-18 will fall further and will be in the range of 6.8 to 7.3 percent. He maintained that former Reserve Bank Governor Raghuram Rajan had said that the short term loss due to demonetisation has been so high that it may overshadow the long term gain.