The Bharatiya Janata Party (BJP) led National Democratic Alliance (NDA) had no cause to lose the 2004 election. The economy was in cruise mode: growth rate nicely picking up (8%), inflation (4% overall, 2% food), budget deficit (under 4%) and current account (surplus of 2%) all well under control.

The India buzz abroad was growing and investments - mostly by foreign institutions - were steadily growing. Most regions, including Naxal-belts, were relatively quiet. India maintained reasonable harmony with all its neighbours and partner nations. This tranquil state, unimaginable now, existed a scant decade ago. As the slogan, much-maligned since then, claimed, India was indeed Shining. Read More

Jyothi Shankaran

    Jyothi’s last role was as Senior Editor with the business news channel Bloomberg TV India. He also worked as News Editor at business-standard.com, the online version of the business newspaper Business Standard. Jyothi is a chemical engineer from the Regional Engineering College, Srinagar.