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India's $2 trillion tryst

India's economy is poised to cross a milestone in its integration with global economy by 2013 when its projected to nudge Rs 100 lakh crore. Consumption | Challenges ahead | Going for the high table

business Updated: Apr 15, 2012 01:43 IST
India's economy,hindustan times,news

Sixty years under various Prime Ministers has seen India emerge triumphantly from dire straits.

Jawaharlal Nehru (1956-57)
Second five year plan unveiled focussing on state-driven heavy industry laying the foundations for growth of several public sector undertakings.

Lal Bahadur Shastri (1964-65)
Shashtri invokes ‘Jai Jawan, Jai Kisan’ slogan given hailing the soldier and the farmer in wake of a war with Pakistan and severe food scarcity.

Indira Gandhi (1966-68)

Severe drought hits the country. MS Swaminathan leads an initiative that ushers in the green revolution.

Indira Gandhi (1971-75)
Garibi Hatao becomes a catch phrase. Prices soar on the back of failed monsoon, droughts and a global oil shock. Economy grows the fastest at 9% during the year of Emergency.

Morarji Desai (1977-79)
The Janata Party comes to power but economy hit but drought and world oil shock.

Rajiv Gandhi (1984-89)
First stirrings of liberalisation, but without fanfare giving currency to the phrase “reform by stealth”.

Narasimha Rao (1991-96)
On the verge of default, caretaker PM Chandra Shekhar and FM Yashwant Sinha pledge 57 tonnes of gold to secure a $600 million loan from the IMF. Manmohan Singh presents the budget on July 24, 1991 announcing the New Industrial Policy, marking the start of India’s economic reforms.

HD Deve Gowda/IK Gujral (1996-98)

P Chidambaram’s 1996-97 Budget was hailed as the "dream" budget for announcing measures that brought about a paradigm shift in macro-economic policy making. He brought down peak income tax rate to 30% and it has remained the peak rate ever since.

AB Vajpayee (1998-04)
A major scam involving Unit Trust of India’s flagship US-64 scheme comes to light jeopardising the interest of lakhs of small investors.

Manmohan Singh (2004-2008)
Indian grows at more than 9% for four consecutive years
National Rural Employment Guarantee Scheme launched
Right to Information (RTI) Act passed ushering in transparency in governance
Value Added Tax (VAT) introduced across the country
Delhi and Mumbai airports privatised
Tata Steel acquires Anglo-Dutch metals giant Corus at $11.3 billion
Sensex scales a record intra-day high of 21,206.77 points on January 10, 2008
IPL’s first season begins.

Manmohan Singh (2008-12)

Biggest corporate fraud hits India after B Ramalinga Raju, confesses to doctoring Satyam’s books

Series of corruption scandals including 2G telecom spectrum and Commonwealth Games hit government.

First Published: Apr 14, 2012 22:09 IST