One year of NDA

Modi and Manmohan: after one year, spot the differences

There are great similarities between Narendra Modi’s first year in office and the first year of former Manmohan Singh’s last term.

The economy rebounded.

Exports and imports declined.

Foreign-exchange reserves grew.

Coal production, electricity generation and petroleum consumption rose.

Non-performing assets in banking soared.

There are great similarities between Prime Minister Narendra Modi’s first year in office – which he completes on May 26 – and the corresponding first year of former PM Manmohan Singh’s last term.

In seven of 12 indicators evaluated by IndiaSpend, the data reveal a similar trend – a reasonable economic performance after an economic downturn, as the chart below reveals:

Source (1- 2009-10, 2- 2014-15) : GDP 12; Agriculture 12; Industrial Production 12; Coal Production 12; Foreign Exchange Reserves 12; Exports 12; Imports 12; Non Performing Assets 12; Petroleum 12; Electricity 12; Nuclear 12; Renewable Energy 12. *NPAs for 2014-15 calculated up to December 2014.

The large variations in the first-year period centre on:

* Industrial production: In Modi’s first year, the Index of Industrial Production for eight core sectors (coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity) grew 5% during 2014-15, against 4.2% the previous year. In Singh’s first year, the IIP for six core industries (crude oil, refinery products, coal, electricity, cement and finished carbon steel) grew 10.4%, compared to 2.8% in the previous year 2008-09.

* Exports and imports: In terms of dollars, exports and imports declined 2% and 0.5%, respectively, in 2014-15 from 2013-14. In Singh’s first year (of his second term) exports and imports declined far more sharply, 4% and 5%, respectively, in 2009-10 compared to 2008-09.

* Nuclear energy: With the commissioning of the Kudankulam Unit-1 of 1000 mw in Tamil Nadu during December 2014, India’s total installed nuclear capacity reached 5,780 mw in 2014-15 from 4,780 MW in 2013-14, an increase of 21%. In 2009-10, it was up 10.6% from the previous year.

Direct comparisons are difficult, considering that Singh was in his second term in office. Modi carries Singh’s economic legacy, which worsened considerably by the end of the term, attributed by observers to a global downturn and misgovernance.

But these indicators offer a broad statistical evaluation of the first years of Modi and Singh (during UPA2, as the second term of the United Progressive Alliance was called).

A journey through the numbers

Economic Growth: Overall gross domestic product (GDP) growth in 2009-10, at constant prices, was reported to be 8.9%. After a change in calculation and base year, GDP growth is estimated to be 7.4% for 2014-15.

Agriculture: Agriculture, which employs about 600 million Indians, registered a growth of 1.1% in 2014-15 compared to 0.8% during 2009-10. The numbers indicate a long-standing – and worsening – crisis.

Foreign-exchange reserves: Forex reserves increased 12% from US$ 341 billion at the end of 2014-15 as compared to US$ 304 billion at the end of 2013-14. For Singh in UPA2, they increased 5.4% from US $ 241.7 billion at the end of 2008-09 to US $ 254.9 billion in 2009-10.

Coal: Coal from India’s mines increased 8.2% in 2014-15, later falling into a controversy over botched allotments, one of the reasons for the decline in UPA2’s image. In 2009-10, production increased 8.1%. Performance of the coal sector is expected to improve with the re-allotment of 67 coal blocks through an auction, although Modi’s figure of Rs 2-lakh crore ($31.25 billion) windfall is now contested.

Petroleum: In 2014-15, consumption of petroleum products (diesel, petrol, LPG etc.) increased 3.1%, compared to 3.2% during 2009-10. India’s demand for petroleum products is expected to grow 3.3% next financial year, according to the oil ministry.

Electricity: A good indicator of an economy’s health, installed electricity capacity in 2014-15, rose 10% against 2013-14. In 2009-10, it increased 7.7% over the previous year.

Renewable energy: With pressure on India to cut carbon emissions and a small base, renewable energy – it is responsible for 12% of India’s total power installed – growth rates were high during both terms. The total installed capacity of renewable energy reported a 7.56% growth in 2014-15 and a growth of 17.20% in 2009-10.

Non-performing assets: NPAs of public sector banks increased 17% from Rs 2.27 lakh crore in March 2014 to Rs 2.73 lakh crore in December 2014, a carry-over from UPA2. Public sector bank NPAs had increased 23% in 2009-10 over the previous year. NPA growth rates of this magnitude can destabilise the banking system.

This article was originally published on, a data-driven and public-interest journalism non-profit.

We welcome your comments at
Sponsored Content BY 

Why should inclusion matter to companies?

It's not just about goodwill - inclusivity is a good business decision.

To reach a 50-50 workplace scenario, policies on diversity need to be paired with a culture of inclusiveness. While diversity brings equal representation in meetings, board rooms, promotions and recruitment, inclusivity helps give voice to the people who might otherwise be marginalized or excluded. Inclusion at workplace can be seen in an environment that values diverse opinions, encourages collaboration and invites people to share their ideas and perspectives. As Verna Myers, a renowned diversity advocate, puts it “Diversity is being invited to the party, inclusion is being asked to dance.”

Creating a sense of belonging for everyone is essential for a company’s success. Let’s look at some of the real benefits of a diverse and inclusive workplace:

Better decision making

A whitepaper by Cloverpop, a decision making tool, established a direct link between inclusive decision making and better business performance. The research discovered that teams that followed an inclusive decision-making process made decisions 2X faster with half the meetings and delivered 60% better results. As per Harvard Business School Professor Francesca Gino, this report highlights how diversity and inclusion are practical tools to improve decision making in companies. According to her, changing the composition of decision making teams to include different perspectives can help individuals overcome biases that affect their decisions.

Higher job satisfaction

Employee satisfaction is connected to a workplace environment that values individual ideas and creates a sense of belonging for everyone. A research by Accenture identified 40 factors that influence advancement in the workplace. An empowering work environment where employees have the freedom to be creative, innovative and themselves at work, was identified as a key driver in improving employee advancement to senior levels.


A research by stated the in India, 62% of innovation is driven by employee perceptions of inclusion. The study included responses from 1,500 employees from Australia, China, Germany, India, Mexico and the United States and showed that employees who feel included are more likely to go above and beyond the call of duty, suggest new and innovative ways of getting work done.

Competitive Advantage

Shirley Engelmeier, author of ‘Inclusion: The New Competitive Business Advantage’, in her interview with Forbes, talks about the new global business normal. She points out that the rapidly changing customer base with different tastes and preferences need to feel represented by brands. An inclusive environment will future-proof the organisation to cater to the new global consumer language and give it a competitive edge.

An inclusive workplace ensures that no individual is disregarded because of their gender, race, disability, age or other social and cultural factors. Accenture has been a leading voice in advocating equal workplace. Having won several accolades including a perfect score on the Human Rights Campaign’s Corporate equality index, Accenture has demonstrated inclusive and diverse practices not only within its organisation but also in business relationships through their Supplier Inclusion and Diversity program.

In a video titled ‘She rises’, Accenture captures the importance of implementing diverse policies and creating an inclusive workplace culture.


To know more about inclusion and diversity, see here.

This article was produced by the Scroll marketing team on behalf of Accenture and not by the Scroll editorial team.