Manmohan Singh 10 year growth was significantly Higher than current Government's 10 years growth
First of all ,we will be talking about GVA not GDP. I will cover why not.
GVA growth from 2004-05 to 2013-2014 was 93.2%
GVA growth from 2014-15 to 2023-2024 was 66.3%
In terms of annual rate 6.82% vs. 5.22% i.e. total accumulated growth over 10 years.
Now, logic behind why GVA, not GDP:
gross value added (GVA) is the measure of the value of goods and services produced in an area, industry or sector of an economy.
GDP is derived from GVA only with two approaches [1].
- EXPENDITURE APPROACH
- PRODUCTION APPROACH
Modi Government shifted from Expenditure approach to production approach in 2017 [1] after they introduced GST. Problem with production approach is, how its calculated,
GDP = GVA + Taxes
That's why you see Nirmala Sitharaman coming with weird taxes every now and then. GST collection is making record, and that's keeping GDP high. while, Actual economy is lagging behind.
Update:
Its good to see people need more data.
Gross Fiscal Deficit from 2004 to 2025
UPDATE 2:
I guess, People doubting "GDP = GVA + Taxes"
You can find following in page 14 of already shared link.
If you need to see Actual Calculation by Ministry (for Jan 2025 calculation). Check out the following, https://www.mospi.gov.in/sites/default/files/press_release/PR_NAD_07012025_0.pdf
Page 8 and in foot notes they also mentioned.
GDP (Production/Income Approach) = GVA at Basic Price + Net Taxes on Products
Update 3:
Some of you doubted that Covid is the main culprit for slow growth. So, here are the numbers of GVA growth in particular periods.
2004-2009 - 52%
2009-2013 (end) - 27%
2014-2019 - 36%
2019-2023(end) - 22%
2020-2023 - 27% (since 2020 was hit by pandemic so it gave higher value than 2019)