enior Congress leader and former finance minister P Chidambaram on Sunday made comparisons between terms of NDA and UPA governments. Chidambaram said that under UPA 1 and UPA 2, Indian economy registered highest decadal growth since independence. Taking a dig at the Modi government, P Chidamabram said that three finance ministers are handling the economy at present -- a de-facto, a de-jure and an invisible one.
Chidambaram highlighted that the average growth rates under the two UPA governments were at 8.36 and 7.68 per cent, while the same under the two NDA governments were 5.68 and 7.33 per cent respectively
He further added that the UPA-I and UPA-II governments delivered the highest decadal growth of 8.31 per cent, since independence and that 140 million people were lifted out of poverty during this period.
I wish the Modi government well in its fifth year. It can never catch up with UPA I, but I wish it catches up with UPA II.
The UPA governments delivered the best ever decadal growth and lifted 140 million out of poverty.
We thank the people for the opportunity to serve them for ten years.
He also mentioned that the economic growth had recovered to 6.39 percent (at market prices), while the fiscal deficit had reduced to 4.48 per cent and the current account deficit had been contained at 1.7 per cent when the UPA government had demitted office in 2014.
Addressing a press conferene, Chidambaram said, "I have repeatedly said that the management of the economy is not in very good hands, and I have also said that under Dr Manmohan Singh, the management of the economy was under more competent hands."
Chidambaram made several comparisons between the Congress and BJP governments.
He said that the economic growth had recovered to 6.39 percent (at market prices), while the fiscal deficit had reduced to 4.48 per cent and the current account deficit had been contained at 1.7 per cent when the UPA government had demitted office in 2014.
He said that during its tenure, Congres promoted high growth, equity, and social justice, Chidambaram said that all three have suffered under the the present government.
"For the sake of the country, we wish the government well in its fifth year. We know it cannot match the average growth rate of UPA-I, but we hope it can catch up with the average growth rate of UPA-II," Chidambaram said.
Congress' comments came after a report on GDP back series data prepared by the National Statistical Commission was released on the website of the Ministry of Statistics and Programme Implementation (MOSPI) on Friday. The report compares growth rates between old series (2004-05) and new series based on 2011-12 prices. Taking on the Narendra Modi-led government over the staggering growth rate, he said the current regime inherited an economy that was on the upswing. Unfortunately, after the first two years, the government stumbled and the momentum was lost.
However, rejecting Chidambaram's claim, BJP spokesperson Sambit Patra said the data was not official and that it had not been accepted by the government yet.
"It seems whenever the Congress party is unable to succeed, it starts celebrating its failures. (During the UPA regimes) Inflation was rising and they were unable to check current account deficit, whereas under the Narendra Modi government India has become one of the six largest economies in the world," he said.
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