Economic growth widespread, inclusive in UPA regime

NEW DELHI: The UPA report card today said its government has achieved inclusive and widespread economic growth and has been able to double the credit flow to the MSME sector.

"Credit and loan facilities to micro, small and medium enterprises have been more than doubled during the last five years," the UPA said in its 'Report to the People' released by Prime Minister Manmohan Singh and Congress President Sonia Gandhi on the fourth anniversary of UPA-II.

The report highlighted that the economic growth during the UPA regime is "both inclusive and widespread".

Talking about economic security, the report said that consumption has "increased phenomenally" both in urban and rural areas "as fruits of economic growth reached the people".

Due to government's pro-poor policies, consumption in rural areas registered an increase of 3.4 per cent, from mere 0.8 per cent during 1999 to 2004 (when NDA was in power), it said.

During the course of last nine years, Indian economy braved the global financial crisis which pulled down country's economic growth from over 9 per cent to 6.7 per cent in 2008-09. The growth, however, picked up after the government provided three stimulus packages to the industry.

The growth rate again slipped to decade's low of 5 per cent in 2012-13 as global economy continued to grapple with the aftereffects of the crisis.

In the current fiscal, however, the government is hopeful of achieving a growth rate between 6.1-6.7 per cent.