(Average Annual GDP Growth)
Rajiv Gandhi, 1984-89: 5.5Started tariff reforms, dismantled the licence-permit Raj. He even managed to get a record 10.5 per cent GDP growth in the last year of his rule.
V.P. Singh, 1989-91: 6.1High growth buoyed mainly by high borrowings. The next year brought the Gulf crisis which emptied the treasury, forcing India to sell gold.
Narasimha Rao, 1991-96: 5.4Reforms paid off, and how! If we leave out the first hard year, ’91-92, growth in the remaining four years averaged 6.4 per cent a year, the best of all.
UDF Government 1996-98: 5.6Growth by default, though Chidambaram did not neglect reforms. Reaped the lag effects of liberalisation and benefit of pay commission award.
NDA Government 1998-2004*: 5.8India ahoy! Carried reforms forward but had to bear the brunt of N-test and 9/11. Our techies, services and good rains have helped too.
* Includes growth estimates for 2003-04