National

Political slug-fest over GDP data

NEW DELHI, AUG 21 (AGENCIES) | Publish Date: 8/21/2018 11:16:39 AM IST

An official report that suggests India recorded the highest growth under the Congress-led UPA has vanished from the website of the Union Ministry of Statistics. 

It was “a draft”, the ministry now says of the report that has deeply embarrassed the government and triggered political sparring.

The back series data on Gross Domestic Product (GDP) was prepared by the Committee on Real Sector Statistics set up by the National Statistical Commission and released on the ministry’s website. It reappeared buried in the “drafts” section with an added note, saying this report should not be quoted. Comparing the growth rates between the old series (2004-05) and the new series based on 2011-12 prices, the report said a record 10.8% GDP was recorded in 2010-11 under the Manmohan Singh government.

“Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014,” tweeted P Chidambaram, who was Finance Minister in the Congress regime.

Chidambaram said the average growth rate under the UPA-1 government was 8.87 per cent, during which it also clocked double digit growth of 10.08 per cent in 2006-07. 

In the UPA’s second term, it was 7.39 per cent, he said, citing the GDP data.

Chidambaram also accused the current government of losing the economic momentum because of “demonetisation, flawed implementation of GST and tax terrorism”.

The BJP hit back, with party spokesperson Sambit Patra saying, “Headline figures do not subvert the fact that Congress-led UPA rule was marked by reckless lending, macro-economic instability, high inflation, policy paralysis and highest corruption”.

Joining the debate, Union minister Arun Jaitley said the policies of the UPA to promote growth led to macro-economic instability.

During the UPA regime, “fiscal discipline was compromised and the banking system was advised to go in for reckless lending, notwithstanding the fact that it would eventually put the banks at a risk. 

And yet when the UPA moved out of power in 2014, the last three year record, even in terms of growth, was less than modest,” Jaitley said in a Facebook post.

 

-Tags:#GDP data

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