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.
Apart from fiscal cost of stimulus, rising prices of crude oil was another challenge that the UPA grappled with throughout its 10 years in office.
Bu hikaye Financial Express Ahmedabad dergisinin December 28, 2024 sayısından alınmıştır.
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Bu hikaye Financial Express Ahmedabad dergisinin December 28, 2024 sayısından alınmıştır.
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