New Delhi June 10 (IANS) Senior Congress leader P.Chidambaram on Sunday slammed the Narendra Modi government for its poor showing on economic indicators after four years rule noting the GDP growth rate was at a "sobering" 6.7 per cent and the "banking system bankrupt" with gross NPAs rising from Rs 2 63 015 crore to Rs 10 30 000 crore.
"On the day after the Central Statistics Office (CSO) released the growth numbers for 2017-18 the media played up just one number: 7.7 per cent " he said in a series of tweets.
"At first blush it appeared to be the GDP growth number for the whole year 2017-18 and was certainly impressive. Actually it was the growth number for just one quarter Q4 and the uptick was also because of the low base effect. For the whole year however the GDP growth rate was a sobering 6.7 per cent " he said.
"At the end of four years the government has switched over to a modest Saaf Niyat Sahi Vikas (Clean intention right progress)!.
"At the end of four of the five years allowed to a government the people cannot be expected to judge a government by its intent. The correct test is outcomes. Look at the boxes with the graphs. And every line after showing promise in the first year has dipped.
"From 8.2 per cent to 6.7 per cent in two years it is a fall of 1.5 per cent - exactly what I had predicted after demonetisation " he noted.
"Gross NPAs have risen from Rs 2 63 015 crore to Rs 10 30 000 crore and will rise more. The banking system is practically bankrupt. I have not come across a banker who will willingly sanction a loan; nor an investor who will confidently borrow money " he added.
Chidambaram also said credit growth dipped drastically from 13.8 per cent to 5.4 per cent before recovering somewhat in 2017-18.
"Within credit growth it is credit to industry that is important. In the last four years annual credit growth rates to industry were 5.6 2.7 - 1.9 and 0.7 per cent " he said.

--IANS sid/vd/bg