1. On the day after the Central Statistics Office (CSO) released the growth numbers for 2017-18, the media played up just one number: 7.7 per cent.
2. At first blush it appeared to be the GDP growth number for the whole year 2017-18, and was certainly impressive. Actually, it was the growth number for just one quarter, Q4, and the uptick was also because of the low base effect.
3. For the whole year, however, the GDP growth rate was a sobering 6.7 per cent.
4. At the end of four years, the government has switched over to a modest Saaf Niyat, Sahi Vikas (Clean intention, right progress)!
5. At the end of four of the five years allowed to a government, the people cannot be expected to judge a government by its intent. The correct test is outcomes. Look at the boxes with the graphs. And every line, after showing promise in the first year, has dipped. 
6. From 8.2 per cent to 6.7 per cent in two years, it is a fall of 1.5 per cent — exactly what I had predicted after demonetisation.
7. Credit growth dipped drastically from 13.8 per cent to 5.4 per cent before recovering somewhat in 2017-18. Within credit growth, it is credit to industry that is important. In the last four years, annual credit growth rates to industry were 5.6, 2.7, -1.9 and 0.7 per cent.
8. Gross NPAs have risen from Rs 2,63,015 crore to Rs 10,30,000 crore and will rise more. The banking system is practically bankrupt. I have not come across a banker who will willingly sanction a loan; nor an investor who will confidently borrow money.
