Worst policies of Modi government hitting industry/By Badish Jindal

The worst policies of Modi government is hitting the industry as well as proving a major threat to the social security of Indians.
The scarcity of funds in the market have stretched the demand resulted in to losses to trade & Industry as well.
The labour unrest due to non-payment of wages and salaries is resulted into huge unemployment and closure of Industries.
The Industrial production have come down to around 50% whereas industrial sales have hit to around 80%.
The social security of Traders & Industrial is in big threat due to the policies of Modi Government.
The main reason for demonization is nothing to do with the black money and the real fact is as under:
The interest rates on deposits have come down from 8.75% in 2014 to 4.25% as on today. Which means that now the banks will pay almost half of the interest on all fix deposits whereas the lending rate is almost unchanged merely by 0.25%.
In India the social security is only for Government Employees, politicians and a few employees through EPFO. Whereas for traders and Industrialists there is nil social security.
The only social security for common Indians is either their fixed deposits or Gold which Modi wants to grab on the name of black money, on other hand the interest rates came down drastically on savings from 8.75% in 2014 to 4.25% as on today.
The whole drama demonization is planned to hide the bankruptcy of Nationalized Indian Banks.
The Nationalise Banks faced a net loss of 20016 crores during 2015-16 as compared to the net profit of 30869 Crores during 2014-15. That means during 2015-16 the gross loss is 50885 Crores. Whereas during the same period the private banks increased their profits from 35832 crores to 39672 crores.
The Nationalized Banks net NPA recorded at 7.8% the gross NPA increased to 11.3% and stressed funds around 15.4%.
Whereas the own capitalization of banks is not more than 7%. That means that beside bankruptcy the banks also loosed around 8.4% of Public. Which is more than 8.6 Lac crores.
Only the steel sector have 1.15 Lac crore NPA of Nationalized Banks.
In last three years the Public Sector Banks waived off 114000 crores to few big companies and the Auditor General of India have raised the concerns on the issue.
Whereas the stressed fund of private banks is merely 2.8% as compared to 15.4% of Nationalized Banks and at the same time their profit is 39672 crores as compared to 20016 crores net loss by the nationalized banks.
Thus the Modi government played a very cunning game so that around 14 Lac crores came back in the banks and in return the government will only issue aroun 2 Lac crore currency. That means the banks will have a liquidity of more than 12 Lac crores.
Further they cut down the interest rates so that the balance sheets of banks could come in profit,
Thus the whole public is suffering due to the worst performance of the Indian Banking system and poor policies of the government.
If the government failed to stabilize the situation the things will go worst not only with the trade and Industry but also the social security of common Indians will be on threat.
(Badish Jindal is President, Federation Of Punjab Small Industries Associations.)