High growth under UPA government led to dramatic economic collapse: NITI Aayog

Cornelia Mascio
Agosto 20, 2018

In his statement, Chidambaram claimed that the back-series data had shown that "truth can not be suppressed forever".

The average growth rate under the UPA-1 government was 8.87 per cent, during which it also clocked a double-digit growth of 10.08 per cent in 2006-07, while under UPA-2 it was 7.39 per cent, he said, citing gross domestic product (GDP) data released by the statistics ministry.

Growth rate under four years of the Modi government is still higher than the growth rate of the last four years of UPA.

"Since this government came to power in May 2014, there has been a determined effort to run down the record of two UPA governments under Dr Manmohan Singh from 2004 to 2014", he added.

Talking about achievements of Modi government on economic front, Patra said International Monetary Fund described India as the brightest star which will act as the growth engine of global economy.

The first cut of the back series of GDP numbers based on the new methodology and new base year of 2011-12 have finally been released.

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.

Chidamabaram said "high growth with equity and social justice" have taken a hit under the current administration. "The numbers prove the dictum that truth can not be suppressed forever, and that the truth has a way of emerging amid a torrent of lies and distortions".

Commenting on the quality of growth, Jaitley, however, quoted data crediting RBI to show "how the Current Account Balance was positive under NDA 1, went back to negative under UPA 1 and went all-time high under UPA 2".

He said that when the UPA demitted office, economic growth had recovered to 6.39% (at market prices) in 2013-14.

The Congress leader claimed the Narendra Modi-led government was on a backfoot because of its policies on "demonetisation, tax terrorism and a flawed implementation of the Goods and Services Tax". Besides, the fiscal deficit had been reduced to 4.48% and the current account deficit had been contained at 1.7%. Under the new series (base 2011-12), the growth number was revised upwards to 10.08 per cent.

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 Dollars 61.9 billion, Patra added. Even in 2013-14 it was 31.3 per cent. Most economies were doing well and all emerging economies started showing a high growth rate.

"However, post 2014, when the global economy was in slowdown mode, it was India and India alone which has been the fastestgrowing economy in the world for the last four years and has consistently overtaken China in the growth rate", he wrote. The compound average annual growth rate over the UPA's 10 years was an impressive 8%.

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