IANS | 14 Apr, 2024
While the Centre and Opposition may spar over the country’s growth
trajectory in the past few decades, there is no denying the fact that
the economy logged a significant uptrend during the Modi government,
starting from 2014 to 2024.
The economy, in the past ten years,
not only just made into the top five economies of the world but is
slated to enter the top three league in the next couple of years.
Economic indicators have shown a remarkable jump, GDP growth and exports
have seen robust growth while Forex reserves and FDI have also seen a
significant rise in the last ten years.
Opposition parties though
remain unconvinced with the numbers and allege juggling of data by the
ruling party to build a pro-government discourse. However, an analysis
of the ‘growth data’ from 2014 to 2024 goes to show how the economy grew
in the last ten years, under the Modi government.
Below is the lowdown on data, as existed in 2014 and 2024:
In
the fourth quarter of 2014, the GDP growth stood at 4.6 per cent, which
rose to 8.4 per cent in the third quarter of 2024. Exports for the
financial year 2014 stood at $ 466 billion which rose to $776 billion in
financial year 2023.
Forex reserves and Foreign Direct Investment
(FDI) in the FY 2014 stood at $303 billion $ 36 billion respectively.
Both soared to new highs and more than doubled in 10 years to $645
billion and $83.5 billion respectively.
Inflation and Current
Account Deficit, the other crucial indicators declined from 8.7 per cent
and 5.1 per cent to 4.8 per cent and 1.2 per cent respectively, in the
last ten years.
Other set of data related to interest rates also
goes on to show how the common man benefitted from the significant drop
in rates.
As per data, the education loan which stood at 14.25 per
cent in 2014 has now lowered down to 8.15 per cent. Loans like house
loan, auto loan and personal loan, all have taken a dip in the last 10
years.
House loan and Auto loan stood at much above 10 per cent
before 2014 but today they are in the range of 7-8 per cent. Personal
loan during 2014 was 14.25 per cent and has now slumped to around 10.50
per cent.