- Every $10 price variation in crude oil price, simply means for India as GDP 1% and loss/gain of 1 million jobs lost/added, without doing anything.
- While UPA II under Manmohan Singh suffered above $100 per barrel oil price, Modi was gifted by God with $50 per barrel oil price regime. The difference simply means 5% GDP growth and 5 million jobs added without doing anything by central government.
- Modi retained 85% of lower oil rices to government by increasing excise duty while passing on benefit to consumer - limited to just 15%. This amounts to nearly Rs.7-8 lakh crores additional money with central government and no one knows where it has gone?
- Modi and FM Jaitley also changed series for GDP growth calculations which has added another 2% totaling to 7% advantage.
- Average GDP growth rate during the period of UPA Government (2004 to 2014) has been 7.7% despite two global slowdowns in this period.
- It was 6.9% GDP growth rate, when Modi became PM in 2014. Year-on-year GDP growth was increasing when Manmohan Singh assumed office in 2004, but was falling after Modi took to the helm. Modi inherited a sluggish economy stricken by policy paralysis and corruption.
- FM Arun Jaitley, inherited a situation where there was little room left to increase public expenditure. Growth has slowed down but consumption hasn’t gone down, while demand is still there in the market the same was fulfilled by imports.
- The Demonetisation and the GST rollout have caused major disruption, effecting GDP numbers.
The impact on GDP growth rate with variations in economic activity is never simple. Despite high oil prices, corruption, policy paralysis etc - UPA's economic performance was exuberant where as aided with low oil prices, Modi's reckless fiscal reforms boomeranged and almost destroyed economy. However Modi & Jaitley squandering away the huge savings due to low oil price regime, not solving any of the ailing sectors, their inaction leading to huge pile up of NPAs and banks pushed to brink of collapse etc are unpardonable. Neither Modi nor Jaitley has any depth of knowledge of economics nor have any good people to assist them and most of the time seemed helpless. Definitely we don't need helpless leaders!