Year III: What UPA report said and didn't

While the UPA's report card lists out accomplishments across sectors, there are a number of glaring misses in most of these areas that stand out. A look at some of them:

Economic growth

WHAT IT SAYS: "The expected growth of the Indian Economy was 6.9 per cent during 2011-12 in terms of GDP.... The lower growth in 2011-12 could be attributed to a slowdown in the global economy and tight monetary policy at home to control inflation...."

DOES NOT SAY: The government started the year setting a 9 per cent GDP growth target, which was consistently revised downward with every passing quarter.

Investment climate

WHAT IT SAYS: "The policy on FDI has been further liberalized and rationalized over the year to make it more investor friendly. FDI is now permitted in Limited Liability Partnerships and upto 100% in single-brand retail trading."

DOES NOT SAY: FDI in multi-brand retail was the biggest reform measure initiated by the government, which had to be put in cold storage amid opposition from its own allies. Industrial growth during 2011-12 ended with a measly growth of 2.8 per cent as compared to 8.2 per cent in the previous fiscal.

Fiscal consolidation

WHAT IT SAYS: "With the resumption of the fiscal consolidation process in budget 2012-13, the government seeks to bring down the fiscal deficit to 5.1 per cent of GDP in 2012-13 from 5.9 per cent in 2011-12."

DOES NOT SAY: Government started the year with a fiscal deficit target of 4.6 per cent of GDP. In the budget, the number was revised by well over 1 percentage point to 5.9 pc.

Price situation

WHAT IT SAYS: "Headline WPI inflation stood at around 9 per cent during 2011. It however moderated to 6.9 per cent by March 2012."

... contd.

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