UPA I, UPA-II delivered highest decadal growth: Chidambaram

Galtero Lara
Agosto 20, 2018

"We had demanded that the back series data of Gross Value Added and GDP should be calculated and released so that meaningful comparisons can be made", he added.

Addressing the media, senior Congress leader and former Finance Minister P Chidambaram said the numbers establish that the truth can not be suppressed forever.

As per the back series data on GDP, Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since the liberalisation of the economy in 1991.

He said that the government led by Prime Minister Narendra Modi had inherited an economy that was on the upswing.

On the other hand, the NITI Aayog vice-chairman said in a series of tweets that growth rate under four years of the Modi government is still higher than the last four years of UPA.

The National Statistics Commission had set up the committee to recommend suitable measures to strengthen systems and processes for collection, collation and dissemination of these statistics with the possibility for improving timeliness.

Claiming that "the UPA success story" lifted 140 million people out of poverty, Chidambaram blamed the Modi government for "frittering away the advantage because of demonetisation, flawed implementation of GST and tax terrorism".

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Reacting to the Congress leader's claim, BJP spokesperson Sambit Patra said the data referred to by him was not official and had not yet been accepted by the government.

Conveying his good wishes to the government in its fifth year, for the sake of the country, the Congress leader said the present dispensation cannot match the average growth rate of the UPA 1, but "we hope it can catch up with the average growth rate of the UPA 2".

The GDP back series data released last week is not a final estimate, Union Minister Arun Jaitley said on Sunday, countering efforts by Congress to use the numbers to defend its management of India's economy when it was in power. "The numbers prove the dictum that truth can not be suppressed forever and truth has a way of emerging amidst a torrent of lies and distortions", he added. "It slowed down after the boom years", Jaitley said in a Facebook post.

Fiscal deficit is budgeted at 3.3 per cent for 2018-19, Current Account Deficit was below 2 per cent in 2017-18 and the gross FDI inflow into India was at an all time high of United States dollars 61.9 billion, Patra added. "During Narendra Modi's regime, the country has transformed from the Fragile Five Economies to fabulous few destinations", he said. "Rupee's exchange rate went into a free fall during May-August 2013, declining nearly 25 per cent in 4 months", Kumar said in another tweet. The compound average annual growth rate over the UPA's 10 years was an impressive 8%. However, the following facts are clear: Higher growth rate in 2009-2011 and in previous years was funded by untenable fiscal deficit and reckless expansion of commercial bank credit which was surely unsustainable. In 2013-14, it was 14.0 per cent.

"The opposition has the old habit of celebrating their failures of yesteryears when they have nothing to celebrate", he said adding that under Modi India has developed strong macro economic fundamentals.

Chidamabaram said "high growth with equity and social justice" have taken a hit under the current administration.

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