Year III: What UPA report said and didn8217;t

WHAT IT SAYS: The expected growth of the Indian Economy was 6.9 per cent during 2011-12 in terms of GDP8230;. The lower growth in 2011-12 could be attributed to a slowdown in the global economy and tight monetary policy at home to control inflation8230;.

DOES NOT SAY: The government started the year setting a 9 per cent GDP growth target,which was consistently revised downward with every passing quarter.

Investment climate

WHAT IT SAYS: The policy on FDI has been further liberalized and rationalized over the year to make it more investor friendly. FDI is now permitted in Limited Liability Partnerships and upto 100 in single-brand retail trading.

DOES NOT SAY: FDI in multi-brand retail was the biggest reform measure initiated by the government,which had to be put in cold storage amid opposition from its own allies. Industrial growth during 2011-12 ended with a measly growth of 2.8 per cent as compared to 8.2 per cent in the previous fiscal.

Fiscal consolidation

WHAT IT SAYS: With the resumption of the fiscal consolidation process in budget 2012-13,the government seeks to bring down the fiscal deficit to 5.1 per cent of GDP in 2012-13 from 5.9 per cent in 2011-12.

DOES NOT SAY: Government started the year with a fiscal deficit target of 4.6 per cent of GDP. In the budget,the number was revised by well over 1 percentage point to 5.9 pc.

Price situation

WHAT IT SAYS: Headline WPI inflation stood at around 9 per cent during 2011. It however moderated to 6.9 per cent by March 2012.

DOES NOT SAY: Riding on high food prices in April,headline inflation for April has accelerated to 7.23 per cent. Analysts see inflation clawing back into the double digits.

Coal

WHAT IT SAYS: Coal production aggregated 539.814 MT and Lignite Production 24.19 MT in 2011-12.

DOES NOT SAY: The gap in demand and supply of coal widened to a record 161.5 MT in 2011-12,as Coal Indias output continued to falter. The gap was sharply higher than the 132.8 MT in 2010-11 and 90.5 MT in 2009-10.

Telecommunications

WHAT IT SAYS: During the year,the number of telephone connections went up from 846.33 mn to 943.5 mn,which includes an increase of about 42.44 mn in rural telephone connections.

DOES NOT SAY: The sector is facing the biggest policy uncertainty since it was opened up for private participation. Foreign investors are exiting due to flawed implementation of policy decisions,that have been subsequently struck down by courts. There is lack of clarity on the road ahead,forcing an investor exodus.

Power

WHAT IT SAYS: During this year,power plants with aggregate generation capacity of 20,502 MW have been commissioned. This is the highest ever capacity addition in a single year8230;.

DOES NOT SAY: Over 60 pc of the capacity both coal and gas commissioned during the fiscal is struggling to maintain normal operations amid a severe fuel crunch.

Disinvestment

WHAT IT SAYS: Disinvestment as a continuing measure of Economic Reforms. More than Rs 13,894 crore was raised through public issues by Power Finance Corporation and ONGC.

DOES NOT SAY: The achievement was well short of the target of Rs 40,000 crore set for the fiscal. Much of what was actually raised came through the ONGC public issues during the fag end of the year,where LIC was forced to subscribe to the issue amid tepid response from investors.

Direct Taxes Code

WHAT IT SAYS: The Direct Taxes Code DTC Bill,2010 was introduced in Parliament in August 2010. The DTC Bill seeks to improve the efficiency and equity of the tax system and to promote voluntary compliance.

DOES NOT SAY: DTC was to be originally implemented from April 1,2012. Has been put off by at least an year.

Goods amp; Services Tax

WHAT IT SAYS: The Constitution 115th Amendment Bill which was introduced in Lok Sabha on 22nd March,2011 to enable Parliament and the State Legislatures to make laws for levying GST has since been referred to the Standing Committee on Finance for examination.

DOES NOT SAY: GST rollout has been deferred twice.

No deadline set for implementation.

Urban Development

WHAT IT SAYS: Twenty-seven projects have been approved during the year at an approved cost of Rs 2,069.48 crore,and Additional Central Assistance ACA commitment of Rs 955.31 crore,under the Urban Infrastructure amp; Governance component of Jawaharlal Nehru National Urban Renewal Mission. Since its inception,a total of 559 projects have been approved.

DOES NOT SAY: Out of these 559 projects approved by the government under the city-specific infrastructure development JNNURM,only 128 have been completed.

Civil Aviation

WHAT IT SAYS: Construction of new airports and buildings was completed at Jalgaon,Lucknow,Indore and Rajahmundry.

DOES NOT SAY: Modernisation of Kolkata and Chennai airports,the two prestigious metro projects undertaken by the Airports Authority of India,are delayed.