Economic growth in the first United Progressive Alliance (UPA), headed by Dr Manmohan Singh, averaged 8.4% between 2004-04 and 2008-09, and then the financial crisis hit. Three stimulus measures in response to the crisis supported growth for the first two years of UPA-II, but then it came down sharply. The sovereign debt crisis in Europe in 2011 further created macroeconomic imbalances.
The growth in UPA-I was supported by a positive global environment. Private corporate investment more than doubled to 14.3% of the GDP in 2007-08, from 6% in 2003-04. After the financial crisis, this figure dipped again. The high growth brought down the fiscal deficit to 2.5% of the GDP from 4.3% in 2003-04.
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