Budget 2014: UPA-I clocked an annual GDP growth of 8.4% & UPA-II ensured average growth of 6.6%

By Sachin Pilot, Corporate Affairs Minister

As has been the tradition, the vote-on account presented today is not the occasion for big policy announcements but an opportunity to see how we as a nation have travelled in the last 10 years. We produce 50 MT more food grains today than we did 10 years ago. In the same period, the electricity production has more than doubled to over 2.3 lakh MWs and rural roads have gone from about 51,500 kms to nearly 3.9 lakh kms. This growth has been driven by a steady and growing stream of educated young and ambitious people through our centers of academic and management excellence.

Our government now spends about Rs 80,000 cr on education, which is eightfold increase in the last decade. Similarly, growth rates have been consistently high in the last 10 years. UPA-I clocked an annual GDP growth of 8.4% and UPAII has ensured an average growth of 6.6% a year.

We remain among the fastest growing economies in the world. Important policy decisions taken by UPA have not received the prominence they deserve. One example is India’s IT Sector, which has become a global leader in export of IT-enabled services. Similarly, wireless teledensity, which captures the mobile revolution, has grown from single digits to over 71%. Over 200 m Indians access the internet.

The new Companies Act has replaced a six-decade-old legislation. It brings about path-breaking initiatives in board independence, audit accountability, and protection of minority shareholders. The centrally sponsored schemes have been restricted and consolidated and the federal structure has been strengthened by giving states greater autonomy and responsibility in deploying funds, including a 10% flexi-fund discretion. Close monitoring has enabled the PSUs to invest Rs 2.5 lakh crore this year. Similarly, FDI has been relaxed in a number of sectors and mega projects have been approved.

There are also targeted intervention schemes, such as the innovation fund for small and medium industries and a venture capital fund for scheduled castes. As India gains stature, our internal security and defence must remain high on the agenda. Defense and paramilitary modernisation have always been a high priority for the government, and remain so. The principle of one-rank-one-pay has been accepted for all ranks in our armed forces.

There are many immediate drivers and issues for discussion like inflation, employment, and industrial growth. However, in the medium run, policies and objectives need to leverage fundamental strengths of the economy and lay a blueprint to enhance sustained growth momentum.