Narendra Modi has completed four years in office but there is widespread disappointment among the Indian people with his performance as their prime minister. There is a strong perception that Modi spent most of the last four years either in state election campaigns, on foreign tours, or giving scores of moral lectures on state-run television, radio, and his own online app.
Modi promised 20 million jobs a year, but instead more than 7.2 million jobs meant for the 15-24 age group were lost over the last four years. Job creation in India is at an eight-year low. There is an undercurrent of anger among the middle-class population over having to pay excessive excise taxes, which has led to historically high prices of gasoline and diesel, in spite of lower international crude-oil prices.
The government has collected US$150 billion in taxes on motor fuel since 2014. Instead of giving the benefit to people, the government is putting more burdens on them.
The previous government of Dr Manmohan Singh lifted close to 140 million people above the poverty line between 2004 and 2014. However, no one has any clue as to whether the present government is doing anything substantive to uplift the poor.
Agriculture exports, which had seen a fivefold increase under the Singh government, have since come down by 21%. At the same time, agriculture imports have risen by more than 60%.
New investment is the lowest it has been in 13 years; bank credit growth has sunk to a 63-year low, while loan growth has fallen to 5.1%, according to the Reserve Bank of India (RBI).
The $1.77 billion Punjab National Bank (PNB) scam has hit the Indian banking sector very hard. But unfortunately, Nirav Modi, who was part of the Indian business and corporate delegation at the World Economic Forum at Davos, Switzerland, in January, left the country without paying his debts. He was seen posing for photographs with Narendra Modi before he was found to be missing from the country.
In February 2016, Vijay Mallya, another billionaire, who was elected to the Indian Parliament with the support of Modi’s Bharatiya Janata Party (BJP), siphoned off $1.4 billion in the same way and succeeded in fleeing to the UK.
These developments have made people very angry at Modi’s government for allowing such looting of the Indian economy.
In October 2017, total bad loans, including non-performing assets (NPAs), stood at $145.6 billion and accounted for 12.6% of the total loans in the nationalized banks. The nationalized banks were where most of these NPAs were found. Interestingly, NPAs in nationalized banks accounted for about 87% of gross NPAs by the end of March 2017. So whatever happened was clearly due to acts of commission or omission by the Modi government.
Moreover, in the last 36 months, the BJP government has written off corporate loans to the tune of $31 billion. This ridiculous generosity to the corporates is compensated by recapitalization of the banks through public funding. This, in other words, means that the ordinary Indian citizen is bailing out the nationalized banks that are plundered by the corporates, while millions of poor farmers are struggling hard for the debt relief amid severe agrarian distress.
With the above developments, poor and middle-class people are slowly losing confidence in the Indian banking system. A recent report said there was a drastic reduction in deposits (close to 50%) by ordinary people in the nationalized banks in the last one-year period.
There was an RBI circular calling for the levying of charges for holding less than a prescribed minimum balance. Based on this circular, the State Bank of India, whose customers are mostly poor people, levied charges totaling $260 million between April and September 2017, according to Ministry of Finance data. This money was taken from the poorest of the poor, who do not have regular incomes and continue with financial hardship, and most of the time they are compelled to withdraw their own money, kept in their bank account for survival. This is in contrast to the huge loan write-offs for rich people and capitalists.
Every year 12 million young people enter the Indian workforce, and providing them all with jobs would necessitate economic expansion of at least 10% per annum
Every year 12 million young people enter the Indian workforce, and providing them all with jobs would necessitate economic expansion of at least 10% per annum, according to Raghuram Rajan, former governor of India’s central bank. But financial mismanagement by the Modi government has resulted in failures on all fronts, particularly in creating jobs, addressing agriculture crises and helping uplift the poor.
No one knows what is happening to Modi’s smart-city project, the “Make in India” project and a number of other much-hyped projects, while many promises on universal health coverage, housing for all, doubling the income of farmers and so forth have fallen short.
Many in India feel that the country lost another four years with Modi as prime minister. Unfortunately, Modi has tried to prove himself more as a successful speaker than trying to be an agent of change.
I disagree Sir. The Muslims have brought their own downfall. I won’t blame you. Not all Muslims are bad. In fact the majority are good. But if there is a sizeable minority who are creating fundamental disruptions in the country (And in most countries of the planet), you sane elders should do something to exterminate them which you don’t. What previous governments did is to tolerate these nonsense for the sake of vote banks, including allowing immigrants and formalizing that. This government is following the law more strictly giving up on the divisive populism of the past. It may become unpleasant for the Muslims because since some of the ruffians are getting thrashed, the others are feeling insecure. But please don’t be so. Remain the good citizen of India that you are and the government and your Hindu neighbours themselves will support and protect you if needed.
Devavrat Rana Yes. 6 lakh Crores of cash stacked away, came into banking system. If you have any clue of business, you will realise how big a boon GST implementation is, instead of just farting over it for decades. Most states are in surplus now on account of better collections and the talk of bringing Petro products under GST is getting better acceptance. The fact that all the thieves and rapists are trying to join hands despite totally diverse ideologies is a sign of them shit scared of BJP. If you still don’t understand, go back to school. And on YouTube look up the Response of Cristina Laggard of IFC talking of how Modi is making Indian economy fundamentally strong for the long run.
This is totally a INC run article.thats for sure.
It brazenly seems to be a paid news. All NPAs are inheritance from UPA Govt & Modi Govt is recovering the dues by suitable laws. The critics of Modi became dumb after total surrender of Mallya. It is rights of Congress to give liberal loans but it is the duty of Modi to revover them. Better seek some other job than to write fake articles.
very good report on the state of Modi’s non-achievements.
It is a biased and it cell of congress part pzr
You are telling IT filing increased substantially. Just one day ago Mr. Jetly declared that fuel prices can not be reduced because lot of people are not paying IT.
Excellent article indeed. Requires guts in these times to speak the truth that exposes the likes of Modi. The facts mirror the disastrous economic situation in India. Prof Arun Kumar, a renowned economist has stated that the real GDP growth is only around 1%. The loot, the corruption, the fact that the economic burden on the masses and middle classes is growing, even as the top corporates get away with daylight robbery is there for all to see. Chowkidar hi Chor hai is the sligan for 2019. That apart even as we see the Lynchistanisation of India. Modi and his murderous corrupt cabal must go in 2019.
Fake and Biased Article,
U are try
Kailash Bajaj and what are you receiving by defending is visible in your profile. ..
Falcon Dave fake ID, paid channel.
I know people are confused and somewhere disappointed with PM but still I don’t see any reason where they are against PM. Even im disappointed but I want him as a PM in 2019 and onwards.. because he took really some courageous decision and we want such leaders.. This article actually doesn’t look like article but looks like prepared speech….
Syed do u even the riots count happened in Congress era. It’s 2 or 3 times more in Congress and SP era. U just blind people want to raise Islam via appeasement hence hate Modi as he treat all in same manner
Mr satpthy i don’t know what are your sources of judging indian PM working capacity and making india self suffice At one end World Bank and other major evonomists of World praising steps to give a pace in Indian econolmy you are criticising him like an indian congress leader
Haaaaaa.wht a journalism. # Asia times ,ur not responsible for such opinions but wht made u publish such opinions . Very good way of contradicting ur own views.
Youthis needs wider audience
Only Bhakts will disagree. His one and only contribution is popularising Jacket in various colors.
This was his performance wid d growth of country per se… Not to mention d communal hatred being spread by his party people in almost all of d country!! His govt has failed miserably even with our basic right to live and freedom of speech and we need a change in 2019
It is completely false and is another article to defame modi & to see that Modi does not get reelected in 2019