Prime Minister Narendra Modi has been quoted as saying that it took India 60 years to become a 1-trillion dollar economy. On the other hand, India became a 2-trillion dollar economy by 2014 and has since added another 1.5 trillion dollars (reaching USD 3.5 trillion) in just nine years.
Netizens are pointing out that Modi's own statement suggests that India grew faster under Manmohan Singh. "GDP went from $2 to $3.5 trillion under Modi's rule. In other words, it was a 6.4% annual growth rate. India reached $1 trillion in 2007 (1947+60 years) and it reached $2 trillion in 2014. That's, it took 7 years, during which the annual growth rate was 10.4%. Tell me how is 6.4% better than the growth in Manmohan Singh's era?" asked a Netizen.
Another user wrote, "That’s around 6.5% CAGR for 9 years during Modi's era. With the right policies, attractive taxation, etc, we could have targeted 9-10% and been at 5 Trillion USD."
Modi's defenders are arguing that UPA benefited immensely from the global situation from 2004 to 2008. It was a golden period. UPA didn't undertake any meaningful economic reform. As a result, the Indian economy started suffering later. By the time Modi came to power, even the banking sector was in a bad condition. And the global situation has been not-so-bright since the early 2010s. Everything affected India's growth since 2014.
