UPA govt had higher economic growth rate than the present NDA govt

20 Août, 2018, 07:54 | Auteur: Auguste Feret
  • Economy       Chidambaram lashes out at Modi govt for changing GDP base year to show higher growth
       
       	        Kumar Anshuman         19 August 2018

Chidambaram on Sunday took a dig at the Modi government's handling of the economy, saying that though three Finance Ministers - one de facto, one de jure and one invisible - handled the economy, the management was not in very competent hands.

His comments came two days after a committee, which was tasked with recommending ways to strengthen India's data collection system, released new back series data which showed the Indian economy grew at a faster pace in two terms of the UPA government between 2004-05 and 2013-14, when compared with average growth recorded in the first four years of the NDA government.

The opposition party's attack on Prime Minister Narendra Modi-led National Democratic Alliance (NDA) is significant because the Congress has been repeatedly raising the issue of "mismanagement of the economy" and is keen on driving home the point in the campaign leading up to 2019 Lok Sabha elections. "It is also a matter of record that during this period, 140 million people were lifted out of poverty", he said.

Accusing Congress of jumping the gun and nitpicking, BJP said the data has not been accepted by the government as yet.

He said NSC sub-committee's estimates of GDP growth series with the 2011-12 base are yet unofficial. Addressing a press conference at the Congress office here, Chidambaram said, "UPA 1 and UPA 2 delivered the highest decadal growth of 8.13 per cent at factor cost since Independence".

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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 Committee considered the challenges in bringing out the back series GDP as several new sources used in the current series were not available or not reliable in the earlier series. "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". The three best years were 2005-06, 2006-07 and 2007-08.

NITI Aayog today attributed the high growth achieved during the UPA government to the untenable fiscal deficit and reckless expansion of bank credit that led to the dramatic economic collapse. Besides, the fiscal deficit had been reduced to 4.48% and the current account deficit had been contained at 1.7%.

Chidambaram said there were other reasons why the economy stumbled during Modi government, including stagnation in investment. Even in 2013-14 it was 31.3 per cent. "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. He added that in the past four years strong foundations have been laid for "sustained high and inclusionary growth" for the future. "Rupee's exchange rate went into a free fall during May-August 2013, declining nearly 25 per cent in 4 months", he tweeted.

Elaborating on the charge of "tax terrorism", Mr. Chidambaram said that despite a majority in the Lok Sabha, the Modi government did not amend the retrospective clause in the Income Tax Act (also known as the Vodafone amendment).

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