The Congress-led UPA coalition, which started its second term after a landslide victory might have something more to cheer about, something that may well lead them to believe that their efforts at pushing for inclusive growth has wrought some positive changes – by putting more money in the pockets of Indians.
The efforts of the government in terms of economic reforms and high growth rate of around 9 per cent for the last three years has shown tremendous results.
Making history of sorts, the monthly income of an average Indian for the first time has crossed the Rs 3,000-mark. If one goes by the advance estimate for national income released by the Central Statistical Organization (CSO) recently, the per capita income, which is a measure of the average income of a citizen, notched up a gain of 12.2 per cent, amounting to Rs 37,490 per annum during 2008-09.
One look at the 2007-08 data shows that the per capita income was Rs 33,283 per annum, and if that was not enough, the per capita income at constant (1999-2000) prices also registered a growth rate of 4.9 per cent.
However, were it not for the global financial crisis, the per capita income would have been even higher. Due to this reason, the country’s economic growth was pulled down to 6.7 per cent during 2008-09 in comparison to the 9 percent during the previous fiscal. Similarly, national income also went up during the year and showed a 14.2 per cent rise with figures of Rs 43.26 lakh crores.
The growth indicated by the CSO in various sectors might have helped the present UPA government secure a second term with thumping majority.
The advance estimates of national income for the year 2008-09 were released by the CSO in February earlier this year but the estimates have now been revised incorporating latest estimates of agricultural production, index of industrial production and performance of key sectors like, railways, transport other than railways, communication, banking and insurance and government expenditure.
The CSO data further reveals the National Net Product (NNP) at factor cost at current prices is now estimated at Rs. 43,26,384 crore during 2008-09, as compared to Rs. 37,87,597 crore during 2007-08. This in turn shows a sharp rise of 14.2 per cent than last year.
With Prime Minister Manmohan Singh and his team already started working on the 100-day agenda in his second innings, all eyes would are set on what the future holds.