Industry & Economy
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Economy
We've put economy back on growth track, says UPA Govt — Gives itself straight `A's in report card
Our Bureau
New Delhi
,
March 1
THE United Progressive Alliance (UPA) on Monday released a report card that has painted a rosy picture of the economy and the development that has taken place during the first nine months of governance.
The Congress-led Government credited itself for bringing the economy back to the growth path. The `Report to the People-1: Implementation of the National Common Minimum Programme (NCMP) and Other Initiatives' has said that the economy is poised to grow at 7 per cent. Inflation as measured against the wholesale price index is down to 5.01 per cent from over 8 per cent as "prompt and coordinated action by the Government by reducing import duties and slight monetary tightening by the Reserve Bank of India yielded positive impact."
Foreign trade has been growing at a rapid pace with exports and imports growing 25 per cent and 35 per cent respectively in dollar terms. The Government is committed to building infrastructure, seeding up work on the national highways, working on a new civil aviation policy, and providing a world-class railway system including metro rail. A National Urban Renewal Mission to upgrade urban infrastructure is to be launched shortly.
The Government is also focusing on power sector reforms and has launched Oil Diplomacy for Energy Initiative for diversifying energy sources. It has introduced the Employment Guarantee Bill and National Food for Work Programme covering 150 backward districts launched.
The introduction of the value-added tax by the States and the on-going investment in road, rail, air, telecom and broadband connectivity will further help reduce internal transaction costs in trade and commerce.
Speaking to newspersons, Dr Sanjaya Baru, Media Advisor to the Prime Minister, said, "This is the first report and we will release such a report at the end of each year. It is really setting out what has been done. More than half of the specific proposals of the NCMP have been implemented."
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