‘Manufacturing Sector’ GVA for 2017-18 grew by just 4.6% as compared to growth of 7.9% in 2016-17. GVA Growth in Core Manufacturing Sectors has seen a steep fall.
|Mining & Quarrying||10.5%||3%|
Only 14% FDI received in Core Manufacturing Sectors.
Dismal Credit Growth & Banking Fraud Galore
Bank Credit growth at 5.3 % in 2016-17, lowest in 63 years. While it rose rose marginally on account of increase in personal loan, Credit Growth to Industry remains dismal growing at 1.1′)/0 in Jan 2018 compared to last year. Similarly Infrastructure Credit Growth remains laggard at at a mere 2.9% on Y-o-Y basis.
Multiple Frauds worth thousands of crores surfaced recently have strained the Banking Sector. Stressed assets held by Indian banks amount to around Rs.10 lakh crore ($150 million), roughly twice the GDP of Sri Lanka.
Bottom line: Beyond the slogans, advertising and hyper-rhetoric, sentiment is gloomy & nothing works on the ground!