Economy transformed under Modi, Cong creating mirage of growth: BJP

Union minister Arun Jaitley

Patra was responding to former Finance Minister P Chidambaram's assertion that Congress-led UPA-1 and UPA-2 governments delivered the highest decadal growth since Independence.

The Narendra Modi-led government on Sunday clarified that the back series GDP estimates made public recently, which appeared to show that economic growth exceeded 10 per cent under the erstwhile UPA government, are 'not official.' It also said that these estimates are meant only to facilitate taking a decision for an appropriate approach in dealing with the economy. All three have suffered under the government of Shri Narendra Modi. He alleged that since the advent of the BJP-led NDA government in May 2014, there has been a determined effort to run down the record of the two UPA governments from 2004 to 2014. The complicated procedure of returns filings under GST was another example of "tax terrorism", he added.

Chidambaram said: "The Congress had repeatedly pointed out that when the base year was changed, the government should follow a healthy worldwide practice and revise the numbers for the previous years too".

"It is also a matter of record that during this period, 140 million people were lifted out of poverty".

The first cut of the back series of GDP numbers based on the new methodology and new base year of 2011-12 have finally been released. "For the sake of the country, we wish the government well in its fifth year".

Chidambaram said: "The back series data is now available. The numbers prove the dictum that truth can not be suppressed forever and truth has a way of emerging amidst a torrent of lies and distortions", Chidambaram said at a press conference.

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However, it must be noted that the economic survey for 2006-07 - the year that the Manmohan Singh government is supposed to have scaled the summit of its ambition of double-digit growth - had said: "Starting with a rate of 3.98 per cent, the inflation rate in 2006-07 has been on a general upward trend with intermittent decreases".

Meanwhile, Sanjeev Sanyal, Principal Economic Adviser to the finance ministry, said the suggested back series shows that growth had already accelerated to over 8 per cent in 2003-04, following a series of important reforms under the then Prime Minister Atal Bihari Vajpayee. Besides, the fiscal deficit had been reduced to 4.48% and the current account deficit had been contained at 1.7%.

"Under Prime Minister Modi, Indian economy transformed from fragile five to fabulous few. The average of four years under the Modi government is 8.27 per cent". Even in 2013-14 it was 31.3 per cent.

"... Post 2014, when the global economy was in slowdown mode, it was India and India alone which has been the fastest growing economy in the world for the last four years and has consistently overtaken China in the growth rate", Jaitley wrote. At that level of investment (GFCF), it is not possible to achieve higher growth rates. In 2013-14, it was 14.0 per cent. He said global growth picked up from 2003-04 and it was natural that India would grow at a high rate in 2003-08.

"The opposition has the old habit of celebrating their failures of yesteryears when they have nothing to celebrate", he said adding that under Modi India has developed strong macro economic fundamentals.

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