National Statistical Commission (NSC) released its draft report on growth under Dr Manmohan Singh and Narendra Modi. Narendra Modi government revised base year of national income estimates from 2004-05 to 2011-12 and replaced it with Gross Value Added (GVA). The government also increased coverage of agricultural, financial sectors.
NSC’s Committee generated back series for the present GDP estimates and calculated GDP growth rates between 1994-95 and 2013-14 with new base year. India had a growth rate twice during Dr. Singh’s government in 2007-08 and 2010-11. BJP leaders like Finance Minister Arun Jaitley said Atal Bihari Vajpayee government achieved better economy than Congress in 2004.
When BJP came to power in 2014, the GDP rate was at 7.4% and in 2015, the GDP growth rate was 8.2% but the rate in 2016 and 2017 was 7.1% and 6.7%. The Foreign Direct Investment (FDI) was an advantage for Modi governments for consistent GDP growth rate. India is compared to China for GDP growth rate and China has a $12 trillion economy, while for India economy is just $2.6 trillion.
