Lowest Tax Collection, Sinking Economy
Mint reported yesterday that Indirect Tax Collection declined last year from Rs.600b to Rs.450b – almost 25% due to GST. What is even more DREADFUL is recently Deposits and Credit of Banks are a third of Best Years or GOLDEN YEARS of Manmohan Singh.
This peanut growth in CREDIT was given as Personal Loans and to Services. When Services credit growth was 100% number of heads growth was only 10%.
Planning was at its WORST – India pushed for Rs.120b BULLET train but Rs.83b FREIGHT Corridors could not be built. Delhi RapidRail projects cost more than FREIGHT Corridors.
Industry mainly FIX STICKERS on Imported Products, pack and retail them.
Deposit & Credit growth of Banks shows –
1. Before Bank Nationalization – Credit growth was above 13% on 2 out 7 years.
2. Next 50 years Credit growth was below 13% on 11 times – 5 out of 5 in last 5 years.
3. Average Credit Growth was 27% in UPA-I, 9.6% in last 5 years –
4. In per capita terms – 25% in UPA-I and 7.6% in last 5 years.
5. Credit growth to Industry was 30% UPA-I or more to Almost ZERO in last 5 years.
Most Sectors were PERFORMING under UPA-I, Most sectors are stagnant or declining in last 5 years. UPA-I couldn’t achieve China Like 15% Growth was MISSING INVENTIONS – Last Five Years – Financial Mismanagement Weird Planning has led to Decline in Economy.
Table 229 : Select Aggregates of Scheduled Commercial Banks - Growth Rates
Year
|
Deposit
|
Credit
|
Year
|
Deposit
|
Credit
|
Year
|
Deposit
|
Credit
|
1962-63
|
6.5
|
12.8
|
1980-81
|
19.6
|
17.8
|
1999-00
|
13.9
|
18.2
|
1963-64
|
11.9
|
14.4
|
1981-82
|
15.1
|
17.0
|
2000-01
|
18.4
|
17.3
|
1964-65
|
13.0
|
12.0
|
1982-83
|
17.4
|
19.6
|
2001-02
|
14.6
|
15.3
|
1965-66
|
14.2
|
12.4
|
1983-84
|
18.0
|
16.3
|
2002-03
|
16.1
|
23.7
|
1966-67
|
16.1
|
17.7
|
1984-85
|
19.2
|
18.5
|
2003-04
|
17.5
|
15.3
|
1967-68
|
12.6
|
12.6
|
1985-86
|
18.2
|
14.5
|
2004-05
|
13.0
|
30.9
|
1968-69
|
12.5
|
12.0
|
1986-87
|
20.3
|
12.9
|
2005-06
|
24.0
|
37.0
|
1969-70
|
15.9
|
16.9
|
1987-88
|
14.9
|
11.4
|
2006-07
|
23.8
|
28.1
|
1970-71
|
17.5
|
18.0
|
1988-89
|
18.7
|
20.1
|
2007-08
|
22.4
|
22.3
|
1971-72
|
20.3
|
12.4
|
1989-90
|
19.1
|
19.8
|
2008-09
|
19.9
|
17.5
|
1972-73
|
21.6
|
16.2
|
1990-91
|
15.3
|
14.6
|
2009-10
|
17.2
|
16.9
|
1973-74
|
17.3
|
21.0
|
1991-92
|
19.8
|
8.0
|
2010-11
|
15.9
|
21.5
|
1974-75
|
16.6
|
18.4
|
1992-93
|
16.4
|
21.0
|
2011-12
|
13.5
|
17.0
|
1975-76
|
19.7
|
24.1
|
1993-94
|
17.3
|
8.2
|
2012-13
|
14.2
|
14.1
|
1976-77
|
24.1
|
21.1
|
1994-95
|
22.8
|
28.7
|
2013-14
|
14.1
|
13.9
|
1977-78
|
26.4
|
13.4
|
1995-96
|
12.1
|
20.1
|
2014-15
|
10.7
|
9.0
|
1978-79
|
21.6
|
22.4
|
1996-97
|
16.5
|
9.6
|
2015-16
|
9.3
|
10.9
|
1979-80
|
17.6
|
17.8
|
1997-98
|
18.4
|
16.4
|
2016-17
|
15.3
|
8.2
|
1998-99
|
19.3
|
13.8
|
2017-18
|
6.2
|
10.0
|
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