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.
This story is from the December 28, 2024 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 28, 2024 edition of Financial Express Ahmedabad.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
LTIMindtree hopeful of sustaining growth momentum going ahead
FY26 TO OUTPERFORM FY25, SAYS MD & CEO
These Men in Blue break boundaries for the disabled
ON JANUARY 7 this year, a 17-member Indian cricket team was given a warm send-off for a four-nation Champion Trophy tournament in Sri Lanka.
Where developers reside, innovation blooms
There are over 17 million developers in India building on GitHub, representing an increase of 28% in 2024, and making India the fast-growing developer community in the world.
Tech firms face setback as Wi-Fi spectrum allocation plan nixed
DoT DECISION MAY DELAY ADOPTION OF NEXT-GENERATION DEVICES
India-Oman FTA talks nearing completion
INDIA NOT SEEKING DUTY CONCESSIONS ON LIQUOR, CIGARETTES
Reliance steps up distribution push as FMCG vertical grows
THE FAST-MOVING CONSUMER goods (FMCG) arm of Reliance, which has touched ₹8,000 crore in topline for the first nine months of FY25, will expand distribution in north and west India, sources have told FE.
'America First' stalls bond issuance bonanza in EMs
A RECORD START to the year for emerging-market bond sales is at risk of fizzling as high Treasury rates hamper weaker credits from tapping international capital.
Diplomacy just as vital as expertise to run restaurant
I have two pieces of pat advice for anyone rash enough to approach me for counsel. First, never speak to the press. Second, don't open a restaurant.
From chaos to control
DocketRun AloT solutions enhance safety & productivity
ArcelorMittal Nippon Steel's two new output lines to boost auto biz
ARCELORMITTAL NIPPON STEEL (AM/NS) India is looking to give a boost to its automotive steel business with the scheduled commissioning of two production lines dedicated to manufacturing advanced automotive steel products.
