• About us
  • Careers
  • Brand Partnerships
TFI Official Merchandise
TFI हिन्दी
TFI Global
Wednesday, August 10, 2022
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    #SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

    #SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

    So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

    So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

    U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

    U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

    cheap Chinese smartphones

    India is going to ban cheap Chinese smartphones

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Chinese companies may quit India altogether. Bon voyage!

    Chinese companies may quit India altogether. Bon voyage!

    Shaktikanta

    The man no one talks about but who deserves all our praise – RBI governor Shaktikanta Das

    Adani top 3 richest

    Gautam Adani is one step away from entering the Top 3 billionaires, soon to overtake Jeff Bezos

    Aatmanirbharta

    With an emphasis on Aatmnirbharta, India is ‘deglobalizing’ its economy

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Indian navy

    Indian Navy will soon be a force to reckon with

    PNS Alamgir

    Pakistan’s ‘PNS Alamgir’ narrowly missed meeting the fate of ‘PNS Ghazi’

    In global defence market, Tejas is top-shelf stuff

    In global defence market, Tejas is top-shelf stuff

    Indian air force

    Is the Indian Air Force ‘battle ready’?

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    ambassador china

    Four Ambassadors Dead in China – Did China “fry” their brains off?

    Bangladesh India

    India has treated Bangladesh with kid gloves all this while, the policy needs a rejig

    India russia trade

    The strengthening India-Russia ties is inspiring but India must have a tab on trade deficit

    arab world india

    The Arabs are now on their knees to please India

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Unsung Heroes: Bagha Jatin – The original Bengal Tiger

    Unsung Heroes: Bagha Jatin – The original Bengal Tiger

    While Indians back home are moving away from Bhajan Kirtans, the West is embracing it

    While Indians back home are moving away from Bhajan Kirtans, the West is embracing it

    Banarasi Sarees

    Did Mughals create Banarasi Sarees? Short answer: No, Long answer: Read

    AMU studies

    AMU students will be reading Sanatan stuff in place of Islamic fundamentalist stuff

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Atul Kulkarni hindu

    Atul Kulkarni – A vicious brain behind an innocent artist

    Kakran

    Commonwealth Games brings out the sheer apathy of Aam Aadmi Party in full spotlight

    Hum Do Humare Baarah film poster

    Rana Ayyub’s old words come to bite her as she cries foul over ‘Hum Do, Humare Baarah’

    Vishal Bhardwaj – The cunning propagandist behind a successful filmmaker

    Vishal Bhardwaj – The cunning propagandist behind a successful filmmaker

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    #SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

    #SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

    So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

    So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

    U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

    U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

    cheap Chinese smartphones

    India is going to ban cheap Chinese smartphones

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Chinese companies may quit India altogether. Bon voyage!

    Chinese companies may quit India altogether. Bon voyage!

    Shaktikanta

    The man no one talks about but who deserves all our praise – RBI governor Shaktikanta Das

    Adani top 3 richest

    Gautam Adani is one step away from entering the Top 3 billionaires, soon to overtake Jeff Bezos

    Aatmanirbharta

    With an emphasis on Aatmnirbharta, India is ‘deglobalizing’ its economy

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    Indian navy

    Indian Navy will soon be a force to reckon with

    PNS Alamgir

    Pakistan’s ‘PNS Alamgir’ narrowly missed meeting the fate of ‘PNS Ghazi’

    In global defence market, Tejas is top-shelf stuff

    In global defence market, Tejas is top-shelf stuff

    Indian air force

    Is the Indian Air Force ‘battle ready’?

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    ambassador china

    Four Ambassadors Dead in China – Did China “fry” their brains off?

    Bangladesh India

    India has treated Bangladesh with kid gloves all this while, the policy needs a rejig

    India russia trade

    The strengthening India-Russia ties is inspiring but India must have a tab on trade deficit

    arab world india

    The Arabs are now on their knees to please India

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    Unsung Heroes: Bagha Jatin – The original Bengal Tiger

    Unsung Heroes: Bagha Jatin – The original Bengal Tiger

    While Indians back home are moving away from Bhajan Kirtans, the West is embracing it

    While Indians back home are moving away from Bhajan Kirtans, the West is embracing it

    Banarasi Sarees

    Did Mughals create Banarasi Sarees? Short answer: No, Long answer: Read

    AMU studies

    AMU students will be reading Sanatan stuff in place of Islamic fundamentalist stuff

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    Atul Kulkarni hindu

    Atul Kulkarni – A vicious brain behind an innocent artist

    Kakran

    Commonwealth Games brings out the sheer apathy of Aam Aadmi Party in full spotlight

    Hum Do Humare Baarah film poster

    Rana Ayyub’s old words come to bite her as she cries foul over ‘Hum Do, Humare Baarah’

    Vishal Bhardwaj – The cunning propagandist behind a successful filmmaker

    Vishal Bhardwaj – The cunning propagandist behind a successful filmmaker

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
No Result
View All Result
TFIPOST
No Result
View All Result

Arvind Panagariya of NITI Aayog praises the Modi government and policies from the Vajpayee era

Amit Agrahari
by Amit Agrahari
8 February 2019
in Trending
0
Panagariya, Modi
726
VIEWS
Share on FacebookShare on Twitter

Arvind Panagariya, former vice-chairman of the government of India think-tank NITI Aayog has praised the Modi government for economic reforms and credited Vajpayee era policies for the healthy economic growth during the first term of the UPA era. He also criticized the socialist economic policies such as ‘licence permit raj, distribution and price controls, and autarkic trade policy’ adopted in the post-independence era and blamed them for what was termed as the ‘Hindu rate of growth’ by some stupid economist. He credited the economic liberalization for the tremendous growth of the country in the last three decades and wrote, “The process of change began gathering steam only with liberalising reforms, first introduced grudgingly in the second half of the 1980s and then deliberately from 1991 onward.”

Pangariya took the critics of Modi government hands-on for the skewed approach as said “as a critic, if you choose to evaluate any of India’s governments according to problems that remain unsolved, you can have a field day. That is precisely the approach critics of Prime Minister Narendra Modi have taken.” Taking a bold stance on another term for theModi government, Panagariya argued that there is no healthy alternative available as any other formation would be some variation of the UPA government which proved disastrous for the economy of the country.  “If this correct metric is applied, it is difficult to escape the conclusion that the present government has done splendidly well and that a return to any available alternative, which will inevitably be some variation of the erstwhile United Progressive Alliance (UPA), would set back India’s economic progress,” wrote Panagariya in the article in Economic Times.

On the high growth rates during UPA era, Panagariya wrote, “As I have maintained all along, the high growth rates during UPA rule largely represented a lagged response to the reforms that Prime Ministers Narasimha Rao and Atal Bihari Vajpayee had painstakingly implemented.”

One thing which is painful in the history of the economic growth of any country is that the leader whose administration takes the reforms recourse never gets credit for it in popular perception. This is not limited to India, it is a global phenomenon. In the United States, economic growth was excellent under the presidency of Bill Clinton and he was appreciated in the media for that. But the majority of economists agree to the assessment that high growth during the Clinton presidency was due to economic reforms initiated by Reagan administration. 

The story has been repeated in India too, the Congress party claims that the first term of UPA was the golden era of Indian economic growth. But it is not ready to accept that the growth was a result of Vajpayee government’s policies. When the first Vajpayee government came to power, the macroeconomic fundamentals of the country were in shambles. The fiscal deficit was at 5.8 percent, CPI inflation was at 6.8 percent, Current Account Deficit (CAD) was at 1.3 percent and foreign exchange reserves were just 29.4 billion in the fiscal year 1997-98. So the country was weak on every major macroeconomic indicator. Now let us take a look at the same indicators in the fiscal year 2003-04 to examine whether the six years of Vajpayee led NDA rule improved the economy or not. In the fiscal year 2003-04, the fiscal deficit was 4.5 percent of GDP, CPI inflation was 3.9, CAD was at 2.3 percent surplus, and foreign exchange reserves were at 113 billion (four times 97-98). So the macroeconomic conditions improved significantly with GDP growth at 8.08 percent as per a new series data.

The Modi government again took painful reforms like Insolvency and Bankruptcy Code and GST implementation to restore the strong macroeconomic fundamentals in the country. Today fiscal deficit is low, foreign exchange reserves are at a new high, and economic growth is predicted to go upward in upcoming years given conditions remain constant. Economic reforms like GST implementation, IBC, and social sector spending, improved ease of doing business will contribute to the economic growth of the country in future. So, the Indian economy will grow at good pace in the upcoming years. Now suppose in 2019 the BJP government is ousted out of power or suppose someone other than Narendra Modi becomes prime minister. If the new Prime Minister starts taking credits for economic growth by himself rather than being grateful to PM Modi, this should be considered as treacherous and disrespectful, but the sad thing is that ‘this is how politics works’.

Tags: #EconomicReforms#NITIAayogModi GovtPanagriya
Share1000TweetSend
Previous Post

Supreme Court fines Tejashwi Yadav for not vacating government bungalow

Next Post

UP Budget 2019: Key Highlights

Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Comments
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Meat Ban

A Jain responds to Meat Ban in Mumbai

Public Sector Bank, Government, Bill

Dear bank employees, continue your stride but PSBs will be privatized

anti-Hindi

Anti-Hindi Forever?- In search of a National Language!

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Dear Liberals – your Beef Parties are not protests, they just intend to displease the Majority

Unsung Heroes: The Bengal Boys [1905 – 1945] – Who let their guns do the talking

Unsung Heroes: The Bengal Boys [1905 – 1945] – Who let their guns do the talking

9 August 2022
#SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

#SavingPushkar: The ancient Brahma Mandir in Pushkar needs immediate restoration

9 August 2022
So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

So, this is the final deal between RJD and JDU for Mahagathbandhan 2.0

9 August 2022
U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

U Turn is Nitish Kumar’s nature, but BJP has exposed itself as a bumbling fool

9 August 2022

Popular This Week

Jagariya family
Trending

Single Hindu family in Mumbai’s Muslim-dominated bhindi bazaar was thrown out, and then came Hindus

by Apoorva Shukla
3 August 2022
In global defence market, Tejas is top-shelf stuff
Defense

In global defence market, Tejas is top-shelf stuff

by Rahul Gupta
7 August 2022
Grow up PR agencies. Your tricks won’t save SRK everytime
Cinema

Grow up PR agencies. Your tricks won’t save SRK everytime

by Abhishek Kumar Singh
3 August 2022
Oil India
Geopolitics

Russia replacing Saudi Arabia as India’s top oil supplier is giving sleepless nights to Gulf countries

by Rahul Gupta
6 August 2022
Aamir Khan patriot
Cinema

5 instances when Aamir Khan proved that he is such a great patriot

by Apoorva Shukla
4 August 2022

©2022 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Premium
TFI Official Merchandise
TFI हिन्दी
TFI Global
  • About us
  • Careers
  • Brand Partnerships

©2022 TFI Media Private Limited

Follow us on Twitter

and never miss an insightful take by the TFIPOST team

Follow @tfipost