New Delhi, Aug 18:
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 per cent UPA II - 7.68 per cent 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.
Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991, according to an official data released on Friday.
The highest ever growth rate since Independence was recorded at 10.2 per cent in 1988-89 when Rajiv Gandhi was prime minister.
The back series data on GDP has been prepared by the Committee on Real Sector Statistics, constituted by the National Statistical Commission. The report has been released on the website of the Ministry of Statistics and Programme Implementation (MOSPI).
The report compares growth rates between old series (2004-05) and new series based on 2011-12 prices.
As per the old series (2004-05), the expansion in the Gross Domestic Product (GDP) at constant prices was 9.57 per cent during 2006-07, when Manmohan Singh was prime minister. As per the new series (2011-12), the growth number stands revised at 10.08 per cent.
This is the highest growth rate recorded by the country after launch of the economic liberalisation programme launched by then Prime Minister P V Narasimha Rao.
"The GDP backseries data is finally out. It proves that like-for-like, the economy under both UPA terms (10 year avg: 8.1%) outperformed the Modi Govt (Avg 7.3%), the Congress party said in a tweet.
"The UPA also delivered the ONLY instance of double digit annual growth in modern Indian history," it said.
The GDP numbers for the later years too have been revised upwards, according to the report.
The National Statistics Commission had set up the Committee to recommend suitable measures to strengthen systems and processes for collection, collation and dissemination of these statistics with possibility for improving timeliness.