Manmohan Singh led UPA GOVERNMENT’S Performance
UPA (2004–2014): The United Progressive Alliance (UPA) government saw an average GDP growth rate of approximately 6.8% annually, based on the 2011–12 GDP series. Growth was robust early on (7–8%) but slowed post-2008 global financial crisis. Government debt (Centre’s gross fiscal liabilities) averaged around 55–60% of GDP, peaking at 66.5% in 2004–05 and declining to about 49.4% by 2013–14, aided by high growth and fiscal consolidation efforts like the Fiscal Responsibility and Budget Management Act.
Narendra Modi Era
NDA (2014–2024): The National Democratic Alliance (NDA) recorded an average GDP growth rate of about 5.9% annually (2011–12 series). Growth fluctuated, with highs of 8.3% in 2016–17 and lows of -5.8% in 2020–21 due to the COVID-19 pandemic, followed by a 9.1% rebound in 2021–22. Government debt rose from 51.7% of GDP in 2014–15 to around 61% by 2023–24, driven by pandemic-related stimulus and infrastructure spending, though it remained below the 88.5% peak in 2020–21.
UPA’s higher average GDP growth (6.8% vs. 5.9%) reflects a favorable global economy pre-2008, while NDA faced challenges like demonetization, GST implementation, and the pandemic. UPA maintained lower debt levels (avg. ~55% vs. NDA’s ~60%), benefiting from high growth reducing debt-to-GDP ratios. NDA’s debt rose due to crisis spending but stabilized post-2021. Both governments balanced growth and fiscal challenges, with UPA’s era marked by global tailwinds and NDA’s by structural reforms and recovery efforts.