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UPA I &II delivered highest decadal growth at factor cost since Independence: Congress

UPA I &II delivered highest decadal growth at factor cost since Independence: Congress

New Delhi, Aug 19 (UNI) UPA I and II delivered the highest decadal growth at 8.13 per cent at factor cost since Independence and lifted 140 million people out of poverty, said the Congress here on Sunday.
'The numbers speak for themselves. The main and undeniable conclusions are UPA 1 and UPA 2 delivered the highest decadal growth, 8.13 per cent at factor cost, since Independence,' said Congress leader P Chidambaram during a press conference on the release of backseries GDP data.
According to data was presented in a report of the Committee on Real Sector Statistics, which was submitted to the National Statistical Commission recently, the only year India grew in double digits was 2006-07 when growth touched 10.08 per cent.
Mr Chidambaram stated the Congress had repeatedly pointed out that when the base year was changed, the government should follow the healthy international practice and revise the numbers for the previous years.
'We had demanded that the back series data of gross value added (GVA) and gross domestic product (GDP) should be calculated and released so that meaningful comparisons can be made,' he said.
It is also a matter of record that during this period 140 million people were lifted out of poverty, he said.
'When the UPA demitted office, economic growth had recovered to 6.39 per cent (at market prices) in 2013-14. Besides, the fiscal deficit had been reduced to 4.48 per cent and the current account deficit had been contained at 1.7per cent. NDA 2 under Mr Narendra Modi had inherited an economy that was on the upswing,' he said, adding that unfortunately, after the first two years, the 'government stumbled and the momentum was lost'.
The main reasons were demonetisation, flawed implementation of GST and tax terrorism, the Congress leader alleged.
'Yet another reason is sluggish credit growth. In 2013-14, it was 14.0 per cent. The average of four years under the Modi government is 8.27 per cent,' he said.
The Congress is a passionate advocate of high growth with equity and social justice and all three have suffered under the government of Mr Modi, he further alleged.
UNI RSA SY 1508

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