Manmohan Singh presents UPA II report card

Hindustan Times

New Delhi, 22 May 2011:  Addressing the nation on the completion of two years of UPA-II, Prime Minister Manmohan Singh on Sunday (May 22, 2011) asked the people and the media to judge the governmnet according to their performance. The PM says that UPA government has offered seven years of political stability, social progres, communal harmony and economic growth. 

 

He said that during their government, Indian economy has grown at an unprecedented pace and that it has benefitted common people.

 

Thanking  people for the confidence reposed in them,  the PM said that government’s immediate challenge is to curb inflation.

 

Pegging the country’s average economic growth rate at 8.5 % during the UPA rule so far, the government today said it was determined to take India to the select league of "middle income countries".

 

Presenting the UPA government’s annual report card, Prime Minister Manmohan Singh said that the Indian economy grew at an unprecedented 8.5 % growth rate from 2004-05 to 2010-11, despite a severe global financial crisis during 2008-09.

 

"This crisis slowed down the growth rate to 6.8 % in 2008-09, but the economy rebounded with a robust growth of 8.6 % in 2010-11," Singh said, adding that an impressive growth was seen in agriculture, industry and services sectors.

 

"The performance in agriculture has been particularly satisfying, with our farmers producing more than 235 million tonnes of foodgrains, the highest since independence," he said.

 

Noting that rapid and broad-based economic growth was essential for inclusive development, Singh said that India was today widely seen as poised to embark on a sustained high growth path of the type achieved by a handful of countries.

 

"We are determined to deliver on this promise so that India moves rapidly into the ranks of middle income countries, free of the burden on poverty, ignorance and disease that has held us down for so long," he said.

 

 

As per the World Bank classifications, India is ranked among lower-middle income economies along with countries like Sri Lanka, China, Pakistan, Iraq and Indonesia. The World Bank classifies the economies in broadly four categories -- low income (those with Gross National Income per capita of $ 995 or less), lower middle income ($ 996-3,945), upper middle income ($ 3,946-12,195) and high income ($ 12,196 or more).

 

Countries like the US, the UK, Australia, France, Germany and Japan are ranked as high-income economies, those like Brazil, Malaysia, Mauritius, Turkey and South Africa are upper-middle income economies.

 

In the annual report card, Singh further said that the government would look to chart an economic growth process that was "socially inclusive and regionally balanced. "We will endeavour to reduce inequities and inequalities that exist in our country," he added.

 

The government said that it has also simplified its foreign direct investment policy and steps have been taken towards an improved taxation environment through Direct Tax Code and Goods & Services Tax regimes.

 

While listing out growth in various sectors of the economy, the government also said it was promoting people’s ownership of PSUs through its disinvestment programme.

 

The PM also said that the government plans to introduce Right to Food legislation in Parliament.