Bank Credit

Jairam ramesh 19 Tue, 16 May 2017

Bank Credit

Shri Jairam Ramesh said that the RBI yesterday published some figures for 2016-2017 which showed marginal increase in the Bank credit. In the past 60 years such minimal increase in Bank credit was not witnessed as in 2016-2017. Bank credit which goes in our economy, which goes in our industry, which goes in business, the increase was just five percent. We did not see this during the past 60 years.

But matter of concern is that in the two years of Modi government, just 4.4 lakh jobs were created. These are the figures of the Labour Ministry. In the service sector, in industrial sector and in comparison to first two years of UPA-2, as the survey is done by Ministry of Labour that started since 2008. In the first two years of UPA-2, 21 lakh jobs were created and in the first two years of Modi government, 4.4 lakh jobs were created, that is, that five times more jobs were created during the UPA-2 period.

In the estimation of the GDP (Gross Domestic Product) there were serious mistakes. They were ignored as there are other measures attention showing increase in GDP. As I have mentioned earlier about Bank credit, production of power and if you see them, then another picture comes to mind. Saturday, 15th April, 2017.