UPA’s fiscal track record by the numbers4 min read 21 Jul 2013, 04:32 PM IST
The government’s attempt to lift growth after the financial crisis through an increase in consumption has backfired
As the United Progressive Alliance (UPA) government completes its second term in office, it’s time to take a look at its fiscal performance over the years. In 2004-05, the year in which it came to power, the fiscal deficit was 3.88%, down from 4.48% in the previous year. In 2012-13, even after a lot of tightening, the fiscal deficit was at 4.9%. How did it all go wrong? Isn’t fiscal profligacy by the government responsible? And how much did the government splurge on subsidies?
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