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Manmohan Singh Death News: Former Prime Minister of the country Dr. Manmohan Singh passed away at the age of 92. He was admitted in the emergency department of AIMS. Dr. Manmohan Singh, along with being the Prime Minister of the country twice, was also the Finance Minister once.
Come, let us know today in this news that during his tenure and the current Prime Minister Narendra Modi How have been the figures of GDP growth rate, inflation, fiscal deficit, foreign debt and foreign exchange reserves during the tenure of? This comparison is based on the data till Manmohan government (2004-2014) and Modi government (2014-2022).
Understand from GDP growth rate
According to the Economic Times report, the average GDP growth rate during the Manmohan Singh government (2004-2014) was 6.8%. At the same time, the average growth rate under Modi government (2014-2022) was 5.25%. Whereas, after removing the impact of the Covid pandemic, this rate reaches 6.84%, which is equal to that of the Manmohan Singh government.
understand inflation
During the tenure of Manmohan government the inflation rate was 7.5%. Whereas, Modi government maintained it at an average of 5%.
Fiscal Deficit and Current Account Deficit (CAD)
During the tenure of UPA, the average fiscal deficit was 4.3% and current account deficit was 2.4%. Whereas, in 2012-2013 the current account deficit reached 4.8%. The Modi government controlled the fiscal deficit and maintained it at an average of 3.7%. Current account deficit was also stabilized at 1.6%.
Look from the perspective of foreign debt
India’s external debt was $ 440.6 billion in March 2014, which reached $ 613 billion in March 2023 under the Modi government.
ease of doing business
During the Manmohan Singh government, India’s rank in the Ease of Doing Business Index fell from 132 to 134. The Modi government made improvements in this area, and India reached 63rd position by 2022. This was the result of various business reforms and digitalization efforts.
Understand foreign exchange reserves
At the end of Manmohan Singh government i.e. in 2014, the foreign exchange reserves were 304.2 billion dollars, whereas in 2023 Modi government it reached 595.98 billion dollars.
