Chidambaram says Modi govt can't match the growth of UPA1.
Former Union Finance Minister P Chidambaram on Saturday tweeted to put across his views on the back series data of GDP prepared by the Committee on Real Sector Statistics, constituted by the National Statistical Commission. The report has been released on the website of the Ministry of Statistics and Programme Implementation (MOSPI).
The report compares growth rates between old series (2004-05) and new series based on 2011-12 prices. It has adjusted the GDP figures from 2005-06 to 2014-15 based on the new base period adopted in 2015. As per the old series (2004-05), the expansion in the Gross Domestic Product (GDP) at constant prices was 9.57 % during 2006-07, when Manmohan Singh was prime minister. As per the new series (2011-12), the growth number stands revised at 10.08 %.
The highest ever growth rate since Independence was recorded at 10.2% in 1988-89 when Rajiv Gandhi was prime minister. This is the highest growth rate recorded by the country after launch of the economic liberalisation programme launched by then Prime Minister P V Narasimha Rao.
Reacting to the development, P Chidambaram tweeted:
P Chidambaram who faced much flak during the UPA 2 years as the GDP growth rate fell had much to say about the revised GDP numbers. In 2015,
Chidambaram tweeted, " Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.". He wished Modi government best for the fifth year in office, but predicted that they won't be able to match up to the growth delivered by UPA1. Chidambaram signed off by saying, " The UPA governments delivered the best ever decadal growth and lifted 140 million out of poverty. We thank the people for the opportunity to serve them for ten years."
India shifted to a new base period of 2011-12 while calculating GDP. This lead to an upsurge in GDP growth numbers and BJP leaders including PM took potshots at UPA for failing to grow the economy at a faster speed. Hence Friday's data comes as sort of vindication for the Congress leaders.
"The GDP backseries data is finally out. It proves that like-for-like, the economy under both UPA terms (10 year avg: 8.1%) outperformed the Modi Govt (Avg 7.3%), the Congress party said in a tweet. "The UPA also delivered the ONLY instance of double digit annual growth in modern Indian history," it said.
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 possibility for improving timeliness.
With PTI inputs
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