Here is a brief observation by Paris based, Organization for Economic cooperation and Development:
"Last week, analysts at the Organization for Economic Cooperation and Development, a Paris-based think tank, said that India is replacing China as the fastest-growing major economy. OECD said India will grow its economy 7.7% this year and 8% next year. Meanwhile, China is expected to slow to 7% growth in both years.
India has a more growth-friendly leader in Prime Minister Narendra Modi than is found in many Western countries. Also, India is dependent on oil imports. The drop in oil prices is helping the economy."
This is now. The facilities, chances to achieve higher growth rate were available in the past also. Gujarat showed, it can be done and as long as BJP was partner in Government of Bihar,it also grew economically fairly well. Both states did well higher oil prices then not withstanding.
So what was the reason why rest of India and most of India then could not achieve what now OECD is saying about India with Prime Minister Narendra Modi run BJP government in place ?
Here below is the answer, see the story from front page of Times of India to day.
Money meant for national development and the people was being eaten by those running the government then while wallowing in filth of corruption. Let us hope Government follows through announced measures.
Stiff jail term, 90% penalty for undisclosed assets, black money abroad
CAs under ambit of black money bill
Union Cabinet clears new bill on black money
India gets tax data from France, British Virgin Island