‘Economy grew in double digits twice during UPA decade’: Govt panel

Indian’s economy grew faster during the previous United Progressive Alliance (UPA) government under Prime Minister Manmohan Singh as compared to the average growth recorded in the first four years of the Modi government, according to back series calculations released by a National Statistical Commission panel.

The economy grew in double digits twice during the previous UPA regime, the study panel has disclosed. According to the government appointed panel’s report, the average gross domestic product (GDP) grew by 10.23% in 2007-08 and 10.78% in 2010-11.

The “back series data” or older data based on the new series on GDP has been compiled by the Committee on Real Sector Statistics, which submitted its report to the Centre on July 15. The report was released on July 25.

Meanwhile, former Union Minister and senior Congress leader P Chidambaram on Saturday challenged Prime Minister Narendra Modi's government to match up with the UPA's GDP rate in its fifth year and said that back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014.

Quoting figures of the recently released Ministry of Statistics' data, Chidambaram said: "Truth has triumphed. The back series calculation of GDP has proved that the best years of economic growth were the UPA years 2004-2014."

"The average growth rate under four governments since 1999 were-- NDA I - 5.68 per cent, UPA I - 8.36% UPA II - 7.68% and NDA II - 7.35 per cent (four years)," Chidambaram tweeted.

"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," he added.

Chidambaram said that the UPA governments delivered the best ever decadal growth and lifted 140 million people out of poverty and thanked the people for the opportunity to serve them for 10 years.

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With IANS inputs