West Bengal No. 1 in growth rate despite deep recession in country: CM Mamata

Kolkata: Bengal has achieved the highest growth rate in the country - 12.58 per cent in the financial year (FY) 2018-19.

Chief Minister Mamata Banerjee has congratulated everyone concerned and noted, “This was in sharp contrast to the deep recession and policy paralysis that has engulfed the country, courtesy the policies of the Union Government.”

“As a result, there has been a significant decline in the overall growth rate in the country as well as the highest rate of unemployment in 45 years,” she said adding, “In recent months, the automobile and leather sectors saw job losses to the tune of three lakh.”

“On top of so much unemployment, the Centre is actively pursuing the disinvestment of 45 public sector companies. This will lead to further loss of jobs for lakhs of people,” Ms Banerjee noted.

“And on the other hand, she wrote, “Investment in new projects has plunged to a 15-year low in the quarter ending June 2019.”

“Implementation of new projects worth Rs 13 trillion has stalled, according to the well-respected business and economic data research company, Centre for Monitoring Indian Economy (CMIE). This is the highest value since it began compiling data in 1995,” the Chief Minister commented.

“Foreign Direct Investment (FDI) has shown a negative growth rate of 1.09 per cent in FY 2018-19, as compared to 2017-18,” Ms Banerjee remarked.

According to Ms Banerjee’s post, “GDP growth: 5.8% in Q4 of 2018-19, lowest in the last five years (from FY 2014-15).

Industrial Output growth: 2% in June 2019, against 7% in June 2018.

Growth: 3.6% in Q1 of 2019-20, compared to 5.1% in Q1 of 2018-19.

Index of Industrial Production: 1.2% in June 2019, compared to 6.9% in June 2018.

Capital Goods Sector growth: -6.5% in June 2019, compared to 9.7% in June 2018.

Mining Sector growth: 1.6% in June 2019, compared to 6.5% in June 2018.

Unemployment rate: 6.1% in FY 2018-19, the highest in the last 45 years.

A number of new projects announced: In Q1 of FY 2019-20, 87% lower compared to Q1 of FY 2018-19 and 81% lower in compared to Q4 of the same FY.

She exhorted the people of the country to realise the “true situation India has been dragged into by this government.” (UNI)