An economic analysis of the tenures of the two governments
jan 03, 2014
“I honestly believe that history will be kinder
to me than the contemporary media.”
-Dr Manmohan Singh
may 16, 2014
“India has won! Good days are coming.”
-Narendra Modi
With Narendra Modi's National Democratic Alliance completing almost 10 years in power, an obvious question arises: Has it performed better than the previous United Progressive Alliance under the Prime Ministership of Dr. Manmohan Singh? Economic indicators tell a rich story of two different decades of India—two decades of rises and falls, of setbacks and victories, of all the things that led us to where we are right now.
Let's take a look.
Economic Growth
Economic Growth
Human Development Index
Price Rise
Tax to GDP Ratio
Foreign Exchange Reserves
Rate of Investment
Foreign Direct Investment
Stock Market Returns
Trade Deficit
Government Debt
Rate of unemployment
Education Expenditure
Healthcare Expenditure
Progress and prosperity
The rise in a country's production of goods and services, measured as an increase in real Gross Domestic Product over time.
UPA
NDA
GDP change (%)
0.0
0.0
Social and economic development
The HDI measures a country’s standard of living, including health, education, and income levels. It ranges between 0 (worst) and 1 (best).
UPA
NDA
(Index)
0.50
0.55
0.60
0.65
0.70
0.62
0.53
Retail inflation
The rate at which the general level of prices for goods and services increases.
UPA
NDA
Annual change (%)
Tax collection efficiency
It is the ratio of the tax revenue of a country compared to its GDP, and is a measure of how well the government can finance its expenditures.
UPA
NDA
(Tax to GDP ratio)
0.0
0.0
Foreign currency with the RBI
This reserve is used to make international payments, hedge against exchange rate risks, and maintains the stability of India’s currency and economy.
UPA
NDA
(USD million)
0
0
Fuelling the economy
The percentage of a country’s income that is invested back into its economy to finance future growth.
UPA
NDA
(% of GDP)
30.10
30.71
Global inflow
This refers to investments made by foreign entities in Indian businesses.
UPA
NDA
(% of GDP)
0
1
2
3
4
1.70
0.80
Pulse of the economy
This indicator measures the rate of return on an investment in the stock market, which can include capital gains and dividends.
UPA
NDA
(%)
Imports versus exports
If the value of the goods that a country imports are higher than its exports, it leads to a trade deficit. If exports are higher, there’s a trade surplus.
UPA
NDA
(USD billion)
0.0
0.0
What does the government owe?
The total money the government has borrowed to pay for public services and projects.
(% of GDP)
UPA
NDA
Who are out of jobs?
This indicator measures the number of unemployed people as a percentage of the workforce.
UPA
NDA
(% of total labour force)
4
5
6
7
8
9
10
11
7.99
8.55
Expanding knowledge
The amount of money the government invests to enhance education in the country, it is expressed as a percentage of GDP.
UPA
NDA
(% of GDP)
0.0
0.0
Boosting health
The total amount that the government spends to improve healthcare infrastructure, including emergency services, hospitals, and nutrition programmes.
UPA
NDA
(% of GDP)
0
0.2
0.4
0.6
0.30
0.15
Methodology
Data for each indicator was sourced from national and international databases, including the World Bank, the IMF, and national statistical agencies, such as the CMIE. The comparison spans two regimes: UPA's (starting in 2004) and NDA's (starting in 2014). Data was captured using either Financial Year (from April 1 to March 31) or Calendar Year (from January 1 to December 31), depending on the availability of data. The regimes were compared based on these indicators' absolute values and rate of change. While insightful, it's imperative to note that these indicators are influenced by various factors, including global trends and policy changes, and should be interpreted within a broader context.
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