evidence: Real investment and export growth was significantly higher during the UPA decade than the NDA’s, which explains the cause of higher real GDP growth during the former regime, despite being interrupted by a global recession. Private investment (GFCF) as a share of nominal GDP during the UPA decade remained significantly higher than the later period. In contrast, growth during NDA-I was private consumption led. During NDA-II’s tenure, even real private consumption growth fell significantly, making economic growth largely dependent on the fiscal stimulus. This is clearly borne out by the rising fiscal deficit and debt-GDP ratio under NDA-II. UPA’s growth record, although higher than NDA’s in magnitude, had three major problem areas, which the Finance Ministry’s "White Paper" has highlighted. What is missing though is an honest appraisal of how far the NDA regime has been able to address and resolve them.