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Manmohan Singh Death: The country’s former Prime Minister Dr. Manmohan Singh, who gave a new direction to India’s economy and economic policies, died on Thursday night at the age of 92. Let us tell you today in this news that when Dr. Manmohan Singh was the Prime Minister of the country, what was the economic condition of the country and what was the GDP growth rate.
golden age of economy
This is from the year 2004. The country had a new Prime Minister, Dr. Manmohan Singh. Earlier the country had seen Manmohan Singh as a brilliant Finance Minister. But now the time had come when the country would see Dr. Manmohan Singh working as PM. In this UPA government, the PM was Manmohan Singh and the Finance Minister was P. Chidambaram.
It is believed that the way the country took the path of development between 2004 and 2007 was never seen again. This period was so brilliant that it was considered the golden age of the Indian economy. In 2007, India achieved a historic GDP growth rate of 8 to 9 percent and became the second fastest growing economy in the world.
VAT system started
In the year 2005, when Dr. Manmohan Singh came to know that the country’s industries were being affected due to the old complex sales tax system, he started the system of VAT i.e. Value Added Tax in the country. This ended the old complex sales tax system. Similarly, to reduce the tax burden on industries, Dr. Manmohan Singh had also started the system of service tax, due to which there was no loss to the government revenue. National Rural Employment Guarantee i.e. NREGA was started during the tenure of Dr. Manmohan Singh as Prime Minister, which is now known as MNREGA.
