UPA vs NDA: A Tale of Two Regimes

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
  • 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.

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).

Retail inflation

The rate at which the general level of prices for goods and services increases.

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.

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.

Fuelling the economy

The percentage of a country’s income that is invested back into its economy to finance future growth.

Global inflow

This refers to investments made by foreign entities in Indian businesses.

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.

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.

What does the government owe?

The total money the government has borrowed to pay for public services and projects.

Who are out of jobs?

This indicator measures the number of unemployed people as a percentage of the workforce.

Expanding knowledge

The amount of money the government invests to enhance education in the country, it is expressed as a percentage of GDP.

Boosting health

The total amount that the government spends to improve healthcare infrastructure, including emergency services, hospitals, and nutrition programmes.
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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