Three-and-a-half years of Prime Minister Modi government What two great Deeds done? Demonetization (Notbandi) and GST. What these decisions have done? Ate millions of people’s jobs and businesses . The youth Became idle, Companies got shut down, Banking system was shaken , small and medium scale businessmen became bankrupt, Service-class people became poor, The crops were eaten, farmers Got drowned in debt, Whatever was built up from past several years, has been spoiled. Overall, the economy of the country has been tilted. Economy Has gone down badly.
Yes, you believe or not, our country’s economy is not just twisted, rather it is going in decline mode rapidly. Inflation rate has come at the lowest level from last four years . That is, the value of rupees is continuously decreasing. And as the Rupee falls, inflation will increase worsening the situation even more. The declining price of rupee tells us that our economy is sickis moving towards the low-level. Current financial losses continue to increase. The budget deficit has reached almost 5 percent. . Raghuraman Rajan and Economists such as Ghavri Subbarao are saying this since 2014 that the country’s economy is moving towards financial crisis like 1991. But their Modi government did not listen to anyone. It moreover implemented Demonetization . Result was the knock of recession in the
.Remember in 2014 Modi’s claim of bringing the season of spring in the economy, which he repeatedly told before the election. Good days will come. But where is The day? Today there is no single big project of the government which is completed or about to complete in five years. The outcome of Make in India is that nobody is willing to invest even 500 crore in manufacturing sector. Big companies like Airtel, Idea, Air Cell and Vodafone, Tata, Infosys are doing the cost-cutting. GST has broken the back of small shopkeepers and businessmen. Daily wages Workers, small shopkeepers, small businessmen are all upset. As was claimed by the said Government that the as the result of demonetization, the earning would be of Rs. One lakh crores , it turned into a loss of Rs. 16 thousand crores.
In the last three and a half years, the Prime Minister has spent Rs.1500 -2000 crores on Adversiting. You will find his photographs everywhere between Falling economy and decreasing employment. Due to the crisis in the country, the crisis of employment has also gone deeper. After Demonetization, 99 percent of the currency came back to the bank. NPA became more than Rs. 1 million crores.
Retail inflation is on the rise. Growth rate of production-generation sector is going down fast and Economic growth is declining. Credit growth threshold Has come down at the minimum level of the year. The question is, the fall in rupees in 2013 which BJP had claimed to be a national shame. Now what does it have to say? How the economy of the country during its last three and a half years fell down drastically? How did it get worse?
Who is responsible to bring the country’s economy at the lower level? The Modi government promised to provide 20 million jobs every year. In the last three years, six crore people should have been given employment. But Modi government has failed to create new jobs. Due to Demonetization Employment of 2.5 million people has been snatched. This has been specified in the recent report of Labour Ministry. In Modi government’s three years of tenure more than 60 percent of new job opportunitieshave decreased. This means that in comparison to the new jobs created in 2014, there were less than 60 percent of new opportunities for employment in 2016.
The biggest reason for the decline in new jobs is sharp decline in manufacturing sector growth in last 3 years Growth has decreased from 10 to 1 percent. The reason is that in the market there is no demand. When there is no demand, there would be decline in purchases. This is the biggest example of the creaking economy that the buyers are missing even if the market is fully decorated. Government Skill Development Scheme also got flopped. Through this it was expected that more jobs will be generated in the country in a wider scale. In past 3 years, over three million youth got training under this scheme in a year however only three lakh people found the jobs.
At the time of UPA, the national investment rate was 34.8 percent, which has come down to 26.9 percent during the rule of Modi government. This 7 percent fall shows that new Industry could not be started, new capacities could not be created and one Third capacity was not at all used. When the UPA was in power, the price of crude oil was 109 dollars per barrel, which is now reduced to $ 50 per barrel. Thus, the government annually saved $ 100 billion, or Rs. 6.5 million crores. However in these 3 years the price of petrol is almost same. Where did the money go?
GST is also a major reason to crush the economy that was running better before. GST served as nail in the coffin of Modi government. The ground reality is that GST has increased the burden of tax on the common man by 30 percent. GST has worked as a ghee in the fire. The truth is, now things have got scattered and worsened It wouldn’t be exaggerated if it is said that the situation has gone from the hands of the Modi government and the country is approaching towards downfall rapily.
