Yes correct.
From last few years i am shocked to see and think how railways /govt can be so unrealistic and not aware of ground reality. When people don't have money in hand, railway busy running full AC trains, trains with flexy fare. In certain routes which require non-ac trains with max 2 to 3 ac coaches looking at demography of the area, railway running full ac trains and making loss.
Reason you told is 100% correct.