Make In India Lion has failed to roar. In fact, it meekly meows…

‘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.

Sector 2015-16 Q32017-18
Manufacturing 10.8% 5.1%
Mining & Quarrying 10.5% 3%
Construction 5% 4%
Trade 8.8% 8.2%

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!