I would rather refer it as economy Development under Vajpayee, Growth following serious all round disaster under Manmohan. The development and economy agenda now looks very promising as we aim to be fifth largest economy by 2019 end.
. Fiscal Deficit
Most of us dont uderstand term like Fiscal deficit nor have real idea of what budget is all about, below video is good to clarify before going ahead.
Under both Former Minister Vajpayee and Prime Minister Narendra Modi, has seen the lower fiscal deficit as shown in the infographic below.
Under UPA, Fiscal Deficit crossed even 6% of GDP in the year 2009-10, the only year when it reached such a peak since 1999-00. Even when UPA was voted out of power, Fiscal Deficit remained high and it was brought down by the alleged creative accounting of the then Finance Minister of India.
Modi government has successfully brought it down to $ 15.8 Bn as reflected by the data for quarter one of 2018-19. Thus, India is on the path of recovery as far as CAD is concerned. The infograhic shows how UPA government took it to extreme missery and how Modi government has successfully pulled country out of that misery. Also many flagship yokjanas like Smart Cities, make in indis, industrial and defence corridors will certainly make india among economy superpowers.
GDP Growth Rate
When UPA left the government in May 2014, the GDP growth rate was around 6.4% only. You can read about the disastrous UPA policies that resulted in low GDP growth rate in detail in one of our earlier articles.
Resurging since 2014, Indian economy is again on the high growth trajectory of around 8% as the data for quarter one of 2018-19 reflects.
Further , table below might give you clear picture of past and today.