Updated: Apr 24, 2020
PM Narender Modi has often lamented the slow pace of implementation of central government projects during 10 years of former PM Manmohan Singh’s tenure. In his public speeches he has often criticized the work culture of the previous government for delaying, confusing, and creating obstacles that result in cost and time overruns of the central government. In march 2011, 35 out of 41 projects, 85% of the total cost were behind schedule.
With the NDA government’s previous 5 year term and the ongoing term, Narender Modi is known for the economic decisions he took, for better or for worse. Demonetisation, goods and service tax act, IN solvency and bankruptcy code, India rising in peers in terms of economy and much more happened during the past years of the Modi government.
The GDP during the UPA government in 2010-2011 falls during thePM’s term. Recalculated data shows the Indian economy growing faster under the Modi government though.
On the question of two government NDA and UPA, guided the economy better, here is what the numbers reveal :
Jobs creation has been a longstanding challenge for Modi government despite initiatives to tackle it. Data have shown there are no concrete numbers depicting job creation in the UPA government also.
GROSS DOMESTIC PRODUCT
Recalculated data shows the Indian economy growing 0.6% faster under the PM Modi as opposed to time during the UPA government, but it is still a long way from a double-digit growth. Manmohan Singh did achieve this milestone during his tenure 2010-2011, crossing a 10% mark followed by a substantial decline in the next fiscal year.
Numbers have shown that the Modi government is substantially more fiscally prudent. The average fiscal deficit growth rate under PM Modi has been 1.7% lower than what was reported during Manmohan Singh tenure.
During the Narender Modi Era bad loans have become a thorn in the Indian banking industry. The Non-Performing Assets ( NPA) have skyrocketed 321% between 2014-2015 when the Modi government came in power and in 2017-18.
EXPORTS AND IMPORTS
While goods exports have remained flat under the Modi government, the services exports have increased by 50%. On the other hand, while moderate crude oil prices have helped the Modi government to keep the import bill under control, it has overstepped the numbers posted by the UPA government.
NEW PROJECTS, STALLED PROJECTS, AND COMPLETED PROJECTS
Numbers denotes that new projects announcement has fallen by 12% under Modi government, whereas stalled projects have increased by 34%. The completed projects though have increased by 38% which was never achieved by UPA government.
The present regime of the Modi government has reported national debt growing 3% slower as opposed to the Manmohan Singh government from 2009-2014. However the Modi government is pausing 0.3% higher rate of interest.