His bigger achievements were on the economic front. .When Manmohan Singh took over from Vajpayee in 2004, the economy was in a great shape—the GDP rate was above 8 per cent, inflation was below 4 per cent and foreign exchange reserves were overflowing.
His most memorable achievement was the ambitious roads projects he launched—the Goldern Quadrilateral and the Pradhanmantri Gramin Sadak Yojna. The Golden Quadrilateral connected Chennai, Kolkata, Delhi and Mumbai through a network of highways
while the Pradhanmantri Gramin Sadak Yojna was planned as a network of all-weather roads for unconnected villages across India. Both the projects proved to be immense success and contributed to India's economic growth majorly. #AtalBihariVaajpayee
His commitment to reducing the government role in running businesses was reflected in the formation of a separate disinvestment ministry. The most important disinvesments were BALCO and Hindustan Zinc, Indian Petrochemicals Corporation Limited and VSNL #AtalBihariVaajpayee
His government made another beginning by introducing the Fiscal Responsibility Act that aimed to bring down fiscal deficit. It boosted public-sector savings which rose from -0.8% of GDP in FY 2000, to 2.3% in FY 2005.
The Vajpayee government's New Telecom Policy unleashed the telecom revolution in India by replacing fixed license fees for telecom firms with a revenue-sharing arrangement. #AtalBihariVaajpayee
Sarva Shiksha Abhiyan
It was a social scheme to provide universal access to free elementary education for children aged 6-14 years. Within four years of its launch in 2001, the number of out-of-school children dropped by 60 per cent.
Columbia University’s Professor Arvind Panagariya also gives Vajpayee due credit for his role in ramping up our telecom success story in his book 'India — The Emerging Giant'.
India saw a devastating earthquake (2001), two cyclones (1999 and 2000), the worst drought in thirty years (2002-2003), Gulf War II and an oil crisis from 2003, the Kargil conflict of 1999, and a Parliament attack. Yet, our GDP didn't falter during his time
Strategic and military cooperation with Israel
With the 2000 Bill Clinton visit (the first US President to visit India since Jimmy Carter), there was a thaw in India's Cold War-era distant relationship with America, leading to improved trade and cooperation
While Sheila Dixit claims credit for possibly India's best mass transit public transport system, that is not true! The Delhi Metro project was approved, and the first line inaugurated, by HIM He boarded the first line at Kashmiri Gate, en-route Seelampur
"Our country is now ready to fly high in the field of science. I am pleased to announce that India will send her own spacecraft to the moon by 2008. It is being named Chandrayaan-1"
56th Indian Independence Day, Aug 15 2003
The S&P BSE Sensex has plunged 4,600 points, or by about 12 percent, from its life-time high of 38,989 recorded in August.
Check the thread. You will surely invest more
2 history suggests that the market has always bounced back and made investors richer sooner than later. This is the ideal time to put money into the equity market. We are in the third leg of the correction in the current bull market
3 Indian market have been seeing a sharp sell-off on account of depreciation in rupee and higher crude prices. This negative sentiment was further reinforced by the fear of liquidity crisis to support credit growth following the IL&FS scare
1. “ only 'the perverted Rahul Gandhi school of thinking' can call investment by financial institutions in IL&FS a 'scam' and suggested that the Congress President should take some 'words of wisdom' from a senior party colleague.”
2 “Was it a scam in 1987 when the IL&FS was promoted with the Central Bank of India having 50.5 percent shares and the UTI having 30.5% shares? Was it a scam in 2005 when LIC acquired 15%stake in IL&FS and in March, 2006 when it acquired another 11.10 percent stake in the IL&FS?”
1 One of the two main bidders, keen to acquire embattled Force India Formula One racing team after it went into administration, has claimed that a consortium of 13 Indian banks lost out on estimated 40 million pounds as a result of an "unfair" sales process concluded last month.
2 Russian Uralkali said that by turning down its higher bid for the administrators had denied the extra funds that would have accrued to the shareholder of Force India which is subject to a freezing order issued by the UK's High Court in favour of his 13 creditor Indian banks
Some facts which will force you to think ig GDP is write way to measure economy of country?
One problem with GDP is that it doesn’t take inequality into account — if all the gains from growth flow to the rich, GDP will go up while the average person won’t be any better off.
Another problem people complain about is that GDP doesn’t measure human happiness — if people get sick and are forced to buy more medicine, GDP can go up while the standard of living goes down.