As the Reserve Bank of India (RBI) data released on Friday showed that bank credit in 2016-17 was the slowest in over 60 years, the Congress on Saturday said the slow growth in bank credit coupled with lowest capacity utilisation in power plants in the last 15 years have exposed the Bharatiya Janata Party (BJP) government’s claim of economic growth.
Senior Congress leader Jairam Ramesh said data released by the power ministry showed that plant load factor in power utilities in financial year 2016-17 was the lowest in the last 15 years.
“The lowest increase in bank credit for the last 60 years, lowest plant load factor in the last 15 years and lowest rate of addition to employment in the organized sector in recent years…this is the hard reality. There is no point in the prime minister and the finance minister taking refuge in figures of GDP growth…they are meaningless numbers…..The world no longer believes in India’s GDP numbers,” senior Congress leader Ramesh said.
He said the slowdown in bank credit growth meant low investment which would mean that job opportunities will not increase. The PM, he said, has claimed that the Indian economy has taken off. “If there is no off-take, how can the economy take off,” he asked. “The low plant load factor shows that economy is not growing the way it should have grown. If the economy is sluggish, the demand for electricity is sluggish. If there is no demand for bank credit, there is no demand for electricity…it shows that the economic situation is serious,” he added.