New Delhi: As 2007 comes to a closure, India Inc. rated the performance of UPA government under Prime Minister, Manmohan Singh as “more than satisfying”.
Based on a random Opinion Poll in which 400 CEOs and MDs of large, medium and small size industries participated, 70% felt that the performance was good in terms of keeping average GDP growth to around 8.3%.
* Exports registered growth of 18-20% despite rupee appreciation and savings rates grew at over 31%
* Inflation remained a prime concern for the government in the past three and half years which despite best efforts stayed at 6% causing great deal of criticism for the UPA government
*35% rated the current government’s performance, describing it as just average, arguing that neither employment increased substantially nor reforms in labour market were introduced and therefore, growth rate could not be termed as Rs.inclusive’
*85% felt that the PM made all efforts under coercion of coalition politics; that he had maintained an excellent foreign policy with an equally balanced approach towards economies of scale and those of developing countries
* 85% appreciated foreign exchange reserves
* 30% felt that the PM had handled the nuclear issue with the US without an offensive and belligerent approach to some of its nuclear partners
* 70% gave the PM only 7 marks out of 10 because prices of agricultural commodities showed a sharp rise in the 3 and half years of the UPA rule primarily due to stagnating production and rising demand; commodities prices like pulses, wheat and edible oil saw a jump of 40-100% thereby contributing to overall inflation
* Majority CEOs appreciated allocation of funds which the UPA government made towards education; compared to 2001-02, financial outlays for Sarva Shiksha Abhiyan increased 15-fold from Rs665 crore and stood at Rs10,671 crore in 2007-08
* Bharat Nirman programme of UPA government with a massive public-private partnership that envisaged providing infrastructural amenities with the collaboration of private sector was appreciated; performance in power sector was dismal with just about 50% of the targeted 41,000 MW added in the 10th plan period
* Over 80% complimented the UPA government for taking the Sensex to its all time high of 20,000 points
* 90% agreed that buoyancy insteel, cement, banking, metals, construction material was a result of the boost given to the infrastructure and housing sectors apart from a global firmness in prices
* They felt that the government along with RBI have to remain extremely cautious about some of the global developments which could have a damaging impact on the Indian economy which is well integrated and not free from the international economic architecture