NEW DELHI: Former RBI governor Raghuram Rajan says the government should share data with the people instead of pulling numbers out of a hat to make such a claim.
He gives ten reasons in support of his claim:
1. GDP figures are overestimated
2. Informal sector decline post covid not captured
3. ”Base “ revision has to happen. With a low “ base “ as reference , everything will be rosy.
4. Banks credit deposit ( CD ) ratio is dwindling which means household savings is getting affected
5. Rural stress is not relieved
6. Banks NPAs are increasing and resolution of NPAs / realisation in write off amount is hardly 10%
7. Poorer are becoming poorer and richer are becoming richer.
8. Affordable housing severely impacted.
9. Then all the hype of growth is for whom ?
10. Wonderfully “ managed “ “ dressed up “ figures
Against an aggregate loan write-off of Rs 10.42 lakh crore, PSBs have recovered just Rs 1.61 lakh crore from written-off loans, since financial year 2014-15. PSBs could not recover even Re 1 as against Rs 5 written-off during nine fiscal years starting 2014-15, data presented in the Lok Sabha on Monday showed.
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