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India's growth record is a puzzle

The average in the NDA regime tells us little about how growth actually came about

T T Ram Mohan

India’s economy grew at an average of 7.4 per cent during the five years of the National Democratic Alliance (NDA) regime, 2014-19. This compares favourably with United Progressive Alliance II’s (UPA II’s) record of average growth of 6.7 per cent.  The average in the NDA regime tells us little about how growth actually came about.  The highest growth in the period — of 8.2 per cent — happened in 2016-17, the year of demonetisation. Growth of 7.2 per cent in the year that followed, 2017-18, defied forecasts that were closer to 6 per cent. In ...