Atalji’s NDA Government laid Foundation for Progress: Narendra Modi Under the leadership of Atalji several foundations were laid by the NDA government. The path then chartered still continues to steer the defence, foreign and economic policies of the successor governments. If we look at the figures of the NDA government under the leadership of Atal Bihari Vajpayee we can confidently say how well the government had fared on economic front despite the sanctions post the 1998 nuclear tests and running a coalition government with 24 parties. The NDA government did not allow inflation and imports to rise and exports to fall. Saving ration during the NDA rule was more than 32% now it is less than 30%. Atalji had laid strong foundation for the economic growth of India in the 21st century during his government. All his efforts got wasted in last nine years and no new progress was achieved. All India got were new financial problems during last nine years, added Mr. Narendra Modi while addressing the audience at the Zee Business’ Best Market Analyst Awards in Ahmedabad. The GDP growth figures that were attained under Atalji’s leadership can never be called a small achievement as the figures were achieved despite many adverse factors like a devastating earthquake in 2001; two catastrophic cyclones in 1999 and 2000; the worst drought in thirty years during 2002-2003; the Gulf War II and resultant oil crisis in 2003; the Kargil conflict of 1999; and one stand-off during 2001-02; continued cross-border terrorist actions like the attack on the Parliament in Delhi in the year 2001 as well as Kaluchak Camp May 2002; and to top it all the economic sanctions laid by the US post the nuclear tests of 1998. Despite all these the NDA government managed to achieve following economic milestones: The transformation of India’s infrastructure (telecom, infotech, village roads, expansion of highways) Restore to health foreign exchange reserves (to over $125 billion) Judicious liberalization Contain inflation (2004 – 3.77 %, 2003 – 3.81 %, 2002 - 4.31 %, 2001 – 3.77 %, 2000 – 4.02 %, 1999 - 4.84 %) Also as per the statistics from Ministry of statistics and programme implementation, The Economist, Mint Research the data for India and China show a remarkable coincidence. India posted an industrial growth of 2% around China’s inflation rate, whereas, the inflation rate in India at 9.3% is equal to the industrial growth rate of China for the fiscal year ended March 2013. Listed are opinions of few experts on the economic achievements of NDA as against how the UPA government has fared on economic front since it gained power in 2005. “If the Congress-led UPA government ever manages to get inflation down, it will be either because of sheer luck (global factors), or because it has managed to damage domestic growth so badly that inflation has nowhere to go but down,” says R. Jagannathan, editor-in-chief, digital and publishing, Network18 Group. When the acclaimed economist PM, Manmohan Singh, could not take corrective actions to avert the crisis faced by the Indian economy thanks to the runaway speinding and succession of populist schemes that ended up stoking inflation and cramping growth, mega business tycoons like NR Narayana Murthy and Azim Premji, among others, gave their voice to the public sentiments. Mr. Premji told that India was “working without a leader”, and if this situation was left unchanged it could pull India down for years. Ratan Tata who had been supporting the PM and the UPA government all these years was also forced to warn the government that its inaction has driven the investments away from India and compelled even him to seek growth in overseas market rather than invest in India. Before retiring from Tata Group he said that the Tata Group would look at other emerging markets for expansion. Thus we can say that UPA that had inherited a robust economy from the NDA with GDP growth at 8.4 per cent had in the last ten years reduced the Indian economy to a very lowly level. As Mr. Muthuraman rightly puts in his article on Centre Right India, “The biggest contrast between the NDA and the UPA regime can be summarized thus: “give a fish to eat today (UPA policies of doles for vote bank politics)” is disastrous for the country in the long run compared to “help them learn fishing (NDA policies of creating an enabling economic environment)”! india272/2013/08/19/ataljis-nda-government-laid-foundation-for-progress-narendra-modi/
Posted on: Wed, 21 Aug 2013 07:42:38 +0000
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