Manmohan Took Indian Economy From 10th To 3rd Place, Modi Slid It to 6th

by Rahul Gautam 2 years ago Views 14168

  Manmohan Took Indian Economy From 10th To 3rd Pl
The Indian economy is on a downward slope. The Central Government may have blamed the pandemic and lockdown for the economic destruction, but the fact is that India had started sliding on the economic front long ago. 

At the very beginning of the year, Gita Gopinath, the Chief Economist of the International Monetary Fund, blamed India for deepening the global recession. The government then held global factors responsible for the worsening economy.

It is not hidden from anyone that demonetisation, GST, and later the hasty lockdown broke the back of the economy. However, statistics are the first casualty of political cacophony. 

Read this special report and understand what exactly is the condition of the country's economy.

According to the World Bank's International Comparison Program (ICP) in 2005, India was the tenth largest economy in the world but in just six years, in 2011, it surpassed Japan to become the third-largest global economy after the US and China.

It was the era of the UPA govt under the leadership of Manmohan Singh. Laws were being made in the country for everything from rural employment to education and food so that Indians could have all these guaranteed access to such basic things. Apparently, the economy was running like an Arabian horse and the middle class was getting fatter. According to the India World Economic Forum, India's growth has been extremely dramatic in the last 25 years and since 1995, the country's nominal GDP has increased by more than 700%.

After that the Congress suffered a crushing defeat in 2014 and under the leadership of Narendra Modi came the Bharatiya Janta Party government. According to economic experts, the GDP figures which came in the first two years of his tenure, had more to do with the last years of the Manmohan government. Demonetisation was implemented with the claim of ending corruption in his country, but it rather hit the economy and employment. Then GST was introduced to boost business but according to critics, it only contributed to the decline of the economy.

According to the World Economic Forum by 2019, India has become the fifth-largest economy in the world. The GDP figures after the lockdown this year dashed all hopes of correction. Remember, the GDP figures for the June quarter of this year are the worst performance of the Indian economy since independence.

And now the Centre for Economics and Business Research's report states that India has come in the sixth place in the list of global economies. To put it simply, in Manmohan Singh's six years, India jumped seven places, but during Modi's tenure, the country slipped three places. Restoring the economy will be the biggest economic challenge for the government in the coming year.

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