NDA Vs UPA: Whose GDP growth is better?
Recently, revised GDP back series data was unveiled. It has shown that the UPA government from 2004-14 did much better than NDA with respect to GDP growth rate. Claiming credit, the Congress has said, "If we look at the revised GDP back series data at Market Prices, not only did UPA I & II far outperform both NDA I & II, but also delivered double-digit growth TWICE. A record unparalleled in modern Indian history."
Below are the official figures of average growth rate under UPA & NDA:
NDA I (1999-2004) - 5.68%
UPA I (2004-2009) - 8.36%
UPA II (2009-2014) - 7.68%
NDA II - (2014-2018) - 7.35%
The above figures are interesting. However, say some experts, UPA's growth "came at a cost" while NDA (both Vajpayee years and Narendra Modi) years are much more efficient than the Dr. Manmohan Singh regime. Economists like Surjit Bhalla have said that the UPA delivered growth by spending too much, which resulted in high inflation. Inflation affected the poor the most. Dr. Singh's Finance Ministers, especially P Chidambaram, failed to contain fiscal deficit, which had several damaging consequences. Also, as subsidies increased, leakages were rampant. There was no adequate investment on infrastructure during Dr. Singh's prime ministership.
When NDA came to power in 2014, the economy was severely battered. Policy paralysis and a sick banking system (due to UPA's reckless lending, NPAs skyrocketed) are UPA's legacies. These have been partially rectified by Modi's solid measures, especially the Insolvency & Bankruptcy Code.