New Delhi | The Congress Party on Sunday alleged that the Narendra Modi led NDA government cant match the average growth rate achieved during UPA-1.
Addressing the Press Conference former Finance minister and Congress leader P Chidambaram said, “Congress is a passionate advocate of high growth with equity and social justice.” He further alleged that all three have suffered under the Modi government.”
Criticising the BJP government on the recently released data citing that the Indian economy registered a growth rate of 10.8 percent in 2006-07 under then PM Manmohan singh, the highest since India economy was liberalised in 1991, Chidambaram said that since the advent of BJP-led NDA govt, there has been a determined effort to sow confusion of performance of former PM Dr. Manmohan Singh’s regime. “The back series data is now available. The numbers prove the dictum that truth cannot be suppressed forever and truth has a way of emerging amidst a torrent of lies and distortions,” he added.
Chidambaram stressed that “UPA 1 & UPA 2 delivered the highest decadal growth (8.13% at factor cost) since Independence. It is also a matter of record that during this period 140 million people were lifted out of poverty”. “UPA-1 registered a growth rate of 8.36 while UPA-2 registered 7.68 compared to the growth rate of the NDA government which was 5.58 during the Vajpayee government and 7.33 in the Narendra Modi government,” he added.
Speaking about the achievement of the UPA government, the Congress leader said, “The three best years were 2005-06, 2006-07 & 2007-08. Dr Arvind Subramanian called them the “boom years”. “When the UPA demitted office, economic growth had recovered to 6.39% (at market prices) in 2013-14. The fiscal deficit had been reduced to 4.48% & the current account deficit had been contained at 1.7%,” he added.
Attacking the Modi government for the implementation of economic reforms like Demonetisation and GST, the former finance minister said, “NDA 2 under PM Modi had inherited an economy that was on the upswing. Unfortunately, after the first two years, the govt stumbled & the momentum was lost. The main reasons were demonetisation, flawed implementation of GST and tax terrorism.”
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