India’s average economic growth rose to 7.7 per cent in the 10-year regime of the UPA Government compared with 6.2 per cent recorded in the previous decade.
A report card titled ‘10 Years of Progress and Growth’ highlighting the achievements of the Government led by Prime Minister Manmohan Singh today said: “Average GDP growth rate during the period of UPA Government (2004-05 to 2013-14) has been 7.7 per cent despite two global slowdown in this period.''
Agriculture growth rate, it said, has been rising consistently and the sector expanded by 2.5 per cent and 3.7 per cent during the 10th and 11th Five-Year Plans, respectively, and expected to touch 4 per cent in the ongoing 12th Plan Period.
GDP, per capita income
It further said that the country’s GDP at the current price has increased almost three times to Rs 100.28 lakh crore during the last nine years from Rs 32.42 lakh crore in 2004-05.
Similarly, the per capita income has risen almost three-fold during the period. It has gone up to Rs 68,747 in 2012 from Rs 24,143 in 2004.
“Per capita income has increased at an annual average of nearly 20 per cent during the last nine years, well above the consumer price index during the same period,” it said.
On rural wages, the document said that it has tripled last year, thereby improving the purchasing power of majority of people in villages.
Approvals for big projects
Referring to large projects, it said that the UPA Government has expedited and cleared as many 293 projects involving an investment of Rs 5.7 lakh crore in 2013.
To fast-track stalled projects, the government has set up Cabinet Committee on Investment and Project Monitoring Group.
Credit flow to MSMEs
The document further informed that credit flow to Micro, Small and Medium Enterprises (MSME) sectors has grown nearly seven times in the last seven years. Outstanding loan to the MSME sector was at Rs 5.27 lakh crore in 2012 against Rs 83,498 crore in 2005.
It said that in the last two years, 80,000 micro enterprises have been supported by the Prime Minister’s Employment Generation Programme, creating job opportunities for 9.23 lakh people.
Towards financial inclusion, the document said that more people are now using bank facilities. The number of bank accounts have increased from 43.97 crore in 2004 to 77.32 crore as of last year.