Rahul Gandhi has expressed very clearly his concerns and dissatisfaction with the way the Narendra Modi government has operated since taking office in May 2014 and especially in the current context.
In a tweet, Rahul Gandhi on Wednesday questioned the government on the rising inflation rate and rising unemployment rate in the country. The banking system is languishing. The result is that public morale crumbles and social justice is crushed every day. Is this a development or a destruction?
The Congress party also questioned and blamed the Modi government for destroying the economy “with its policies.
Modi Vs. Manmohan Singh Fact File
India’s economic situation has been called into question in recent months. The NDA government, with Prime Minister Narendra Modi at the head, came to power in May 2014.
The UPA led the government under Manmohan Singh from 200910 to 2013-14, during which the Indian economy grew by 6.7% per year.
January 2015 India adopted a new method of calculating GDP. Growth figures were then out of step with high-frequency economic indicators that reflected the economic decisions of individuals.
India’s economy is believed to have grown by 7.5% per year between 201415 and 2018-19 under Narendra Modi.
There are 15 economic indicators that give an indication of the performance of the economy
- National sales of two-wheelers: Sales of motorcycles and scooters during the Manmohan Singhs era increased by 12.44% and 25.7% respectively. Under Modi, growth fell to 5.35% and 13.21%, respectively.
- National car sales at the time of Manmohan Singh it was 7.92%, while at the end of Modi it was 4.42%.
Sales in both the two-wheeler industry and sales of cars are a good indicator of how the urban and rural areas are feeling. It is a commitment that an individual makes by making a down payment and paying monthly payments for the purchase.
- Domestic tractor sales: During Manmohan Singh, tractor sales increased by 15.73%. In the government led by Modi, the figures stood at 4.49%.
The above is an essential indicator of the confidence of the agricultural sector. Under the Modi government, the plight of farmers is highlighted by the agricultural plight in the foreground.
- Incremental growth in personal loans Loans to individuals during Manmohan Singh amounted to 22.47% per annum and in comparison to the Modi government was 19.92%
It is an important indication of the confidence and security of the general population in their economic growth.
- Air passenger traffic: During Manmohan Singh’s time, the number of air passengers increased by 9.20% and, by comparison, it is expected to increase by 15.28% during Modi’s time.
This was believed to be an important point that reflected the performance of modern government on the economic front.
- Passenger income, Indian railways: In Manmohan Singh’s day it was 10.81% and 7.32% during Modi’s years.
- National sales of commercial vehicles: During the Modi years, the sales of commercial vehicles increased by 9.74% per year. In the Manmohan years, they had increased by 10.50% per year.
This indicates strong consumer demand; faster sales indicate vital activity on the infrastructure and industry front. It has also translated into more investment in business development to meet demand.
- Cement production:Cement production during the Modi years is expected to grow 4.32% per year compared to 7.05% per year in Manmohan’s time.
First, private sector investment has been slow. Second, the real estate sector, which uses a lot of cement, has been dumped. Slow growth in cement production is another indicator that India is not generating enough low-skilled jobs.
- Consumption of finished steel:18% per year in the Modi era compared to 7.18% per year in the Manmohan era.
This indicates that the investment scenario in India is lackluster. A lackluster investment scenario means that enough jobs are not created. It also means that the incomes of those who are already employed are increasing at a slower rate.
- Income tax growth: Tax revenues in the Modi years are expected to increase by 16.85% per year. In comparison, the growth in tax revenue in the Manmohan years was 17.53% per year.
It is a good indicator of whether or not the income of people working in the formal sector of the economy has grown.
- Corporate tax growth: During the Modi years, corporate tax collection is expected to increase by 11.20% per year compared to 13.09% in the Manmohan years. Businesses pay a higher tax when they sell more products and therefore make a higher profit. They sell more when people consume more. People consume more when they are in good financial health.
12) Consumption of petroleum products: Consumption of petroleum products during the Modi years is expected to grow by 5.91% per year against 3.47% during the Manmohan years.
Fuel consumption in a healthy economy tends to increase faster.
(13) Inflation:In May 2014, when Narendra Modi took office as Prime Minister, inflation, as measured by the Consumer Price Index (CPI), was 7.72%, with food inflation of 9.21%. In February 2019, inflation was 2.57%, with food prices falling 0.66%. Between 2018 and 2019, food prices only increased by 0.13%. However, according to the latest figures, the inflation rate is 6.88%
(14) Household financial savings:The gross financial savings of households when Manmohan Singh was Prime Minister have increased by 13% per year. In the Modi years (until 2017-2018), they increased by 11.94% per year. As for household financial savings, it increased by 13.79% per year during the Manmohan years. In comparison, they increased by 7.38% per year during the Modi years (until 2016-2017).
It’s an indicator that tells us how much people are saving.
15) Road construction:This is another area where the Modi government has done much better than the Manmohan Singh government.
To conclude, the Manmohan Singh years turn out to be much better than the Modi years, in 11 of the 15 indicators.
It should be noted that with the current pandemic scenario the inflation rate has increased, consumer prices rose 6.88% last month from a year ago, its highest in five months and faster than the August rate of 6, 69%.
The unemployment rate is 6.98%, and the general public mood is gloomy as uncertainty mounts, with a near collapse of the banking system and little to cheer about in terms of economic policies and actions taken by the RBI, the Modi government despite its boring routine for BJP leaders, sections of the Indian people and media propaganda to blame the 60 year rule of Congress for everything wrong with India.
This campaign is led by Prime Minister Modi and Interior Minister Amit Shah. The latter surpasses himself by writing on Saturday an article signed under the title “Undo 60 years in just 6”.
Sadly, the Modi government has forgotten that with the 19 cases of Covid on the rise in the states and with elections looming in various states and the pathetic state of the Indian economy, the focus is largely mistaken and unworthy of the party in the power and its leader – both Narendra Modi and Amit Shah.
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