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From 8% GDP to 5% GDP: Well done UPA!
The UPA government when it first came to power in 2004 inherited a robust and buoyant economy from the Vajpayee government growing at 8 per cent per annum. The UPA II headed by a decorated economist and the country's Prime Minister has bought down growth rates to 5 per cent (2012-2013), which is now at a decade low. Take a look at what has pushed growth to such abysmally low levels.
How the UPA govt pulled growth rates to 5% from 8%?
The mining sector has pulled down industrial growth rates and also GDP lower. The power and various other industries like steel are linked to coal, iron ore., etc that are mined. Lack of clear policies and illegal mining have been responsible for declining economic growth rates. Seen in the pic is a sand loaded boat being seized by the coast guard for illegal mining. The pic reflects just a negligible portion of the huge mining mess.
How the UPA govt pulled growth rates to 5% from 8%?
For bulk of its rule, UPA II could not push it's reform agenda, due to plucky allies. By the time allies withdrew support, it was too late. The damage had been done. GST, DTC, Pension reforms bills are all pending reforms, that could have been implemented earlier.
How the UPA govt pulled growth rates to 5% from 8%?
The farming sector has a contribution of almost 14 per cent to GDP. Again, the government has failed to boost the sector and provide any impetus. Neither have we adequate storage facilities, neither can we prevent huge wastage of farm output. In the pic farmers are seen walking through dry land in Agartala.
How the UPA govt pulled growth rates to 5% from 8%?
A lot of government attention has been focused on graft and impropriety charges against Ministers and government officials. How does one expect the government to focus energies on revising a sagging economy. The 2G scam, coalgate, railgate are just a few in a series of scams.
How the UPA govt pulled growth rates to 5% from 8%?
IIP data each month reveals dismal state of industry. Lack of infra development, delay in implementing land reforms, inability to push through GST, has left industrial growth rates at a new low.
