Congress uses revised GDP data to defend UPA’s economic record

Congress uses revised GDP data to defend UPA’s economic record

The opposition party's attack on Prime Minister Narendra Modi-led National Democratic Alliance (NDA) is significant because the Congress has been repeatedly raising the issue of "mismanagement of the economy" and is keen on driving home the point in the campaign leading up to 2019 Lok Sabha elections.

The Narendra Modi government has sought to "clarify" something that is already known to downplay a sub-committee report that showed the UPA decade clocked a double-digit economic growth rate.

The government's clarification - along with a blog by minister Arun Jaitley that credited global tail winds and the legacy of the Atal Bihari Vajpayee government for the growth in the initial UPA years - was issued on a day the Congress claimed that "truth can not be suppressed forever". The complicated procedure of returns filings under GST was another example of "tax terrorism", he added.

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 the possibility for improving timeliness.

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

More news: Deputy Rescues Unconscious Child Left in Hot Car for 12 Hours
More news: Robert Wickens involved in scary crash at IndyCar Pocono
More news: Sergio Busquets pays tribute to Lionel Messi

"Reference this morning's news report about NSC sub-committee's estimates of GDP growth series with 2011-12 base".

"Headline figures do not subvert the fact that Congress-led UPA rule was marked by reckless lending, macro-economic instability, high inflation, policy paralysis and highest corruption", BJP spokesperson Sambit Patra said.

Conveying his good wishes to the government in its fifth year, for the sake of the country, the Congress leader said the present dispensation cannot match the average growth rate of the UPA 1, but "we hope it can catch up with the average growth rate of the UPA 2". "Now, when the data has come, it proves the dictum that truth can not be suppressed forever", he said. What is also clear is that the UPA's macroeconomic management was lax: pushing up the fiscal deficit to GDP from 2.7% of GDP in 2007-08 to 6.2% in the next, election year could be justified, at a stretch, by the global crisis, but not keeping it above 6% in two subsequent (not consecutive) years.

Fiscal deficit is budgeted at 3.3 per cent for 2018-19, Current Account Deficit was below 2 per cent in 2017-18 and the gross FDI inflow into India was at an all time high of United States dollars 61.9 billion, Patra added. Under the old series (2004-05), the expansion in the Gross Domestic Product (GDP) at factor cost was 9.48 per cent during 2006-07, when Manmohan Singh was Prime Minister. The compound average annual growth rate over the UPA's 10 years was an impressive 8%. This fell to 7.39 per cent during its second term in 2009-14.

"... 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. "Rupee's exchange rate went into a free fall during May-August 2013, declining nearly 25 per cent in 4 months", he tweeted. "But this government doesn't have them", he said. He also said the growth was accompanied by weak macros manifested in high fiscal and current account deficits, and high inflation.

Related Articles

  • New mother says ICE detained husband on the way to hospital

    New mother says ICE detained husband on the way to hospital

    They do not have legal authorization to live in the USA but all five of their children are United States citizens, she said. ICE officers in two SUVs stopped Joel Arrona-Lara at a San Bernardino gas station, a Los Angeles CBS affiliate reported.
    Roger Federer to face Novak Djokovic in Cincinnati Masters final

    Roger Federer to face Novak Djokovic in Cincinnati Masters final

    Djokovic, who has lost all five of his Cincinnati finals, was not at his best against Cilic , but came through on the big points. Like Djokovic, she's never won the title, losing both of her chances, including the title match a year ago to Garbine Muguruza .
    Brighton punish woeful Manchester United defending

    Brighton punish woeful Manchester United defending

    The Brazilian midfielder was at his marauding best at times and will be looking to continue his solid start for the Red Devils. Romelu Lukaku managed to pull one back only for Brighton to get a penalty and convert to put even more pressure on Mourinho .
  • Short sentence recommended for former Trump campaign adviser

    Short sentence recommended for former Trump campaign adviser

    Papadopoulos said wrongly several times he had communicated with Mifsud before he joined the Trump campaign. That probe was later take over by Mueller.
    Huawei Mate 20 Release Date: Rumors Point To October 2018

    Huawei Mate 20 Release Date: Rumors Point To October 2018

    Coming to the Mate 20 Lite you can check out the smartphone from all sides and it is just as premium as the Mate 20. We even know some of the key specs of the regular Mate 20 but we haven't seen it in a photo like the Mate 20 Lite.
    Google Search introduces new feature to reduce clicks

    Google Search introduces new feature to reduce clicks

    According to The Wall Street Journal , Google CEO Sundar Pichai held a meeting yesterday to address these concerns. It is not the first time Google employees have spoken out against the company's decisions.
  • Wallabies' task even tougher as Folau ruled out of Bledisloe No.2

    Wallabies' task even tougher as Folau ruled out of Bledisloe No.2

    Folau fell awkwardly after an aerial contest during the second half of the 38-13 loss at Sydney's Olympic stadium and hobbled off the ground.
    Is Netflix Introducing Ads?!

    Is Netflix Introducing Ads?!

    In other words, if users engage with these promotions, Netflix will likely roll them out to many more users. The ad featured a timer on the corner, similar to YouTube ads, but users weren't given the option to skip.
    Giuliani on hazards of Trump interview: 'Truth isn't truth'

    Giuliani on hazards of Trump interview: 'Truth isn't truth'

    It was the moment when the phrase was coined that might be said to sum up the spirit of the Trump era: " Truth isn't truth ". But then, what is truth, when you really think about it? Todd spluttered, his face contorted with disbelief.
  • WWE Raw: Brock Lesnar and Ronda Rousey to appear

    WWE Raw: Brock Lesnar and Ronda Rousey to appear

    This could be the second match of a trilogy paying off at WrestleMania 35 if WWE wants to go in that direction. As expected the Rowdy superstar was furious with this and demanded a match against Fox on WWE Raw .
    Billionaire Boys Club makes $126 amid Kevin Spacey sexual assault claims

    Billionaire Boys Club makes $126 amid Kevin Spacey sexual assault claims

    Director Ridley Scott reshot all of Spacey's scenes in All the Money in the World , replacing him with Christopher Plummer . In October past year , actor Anthony Rapp alleged that Kevin sexually harassed him when he was 14 and the star was 26.
    Priyanka Chopra, Nick Jonas make their engagement official

    Priyanka Chopra, Nick Jonas make their engagement official

    Priyanka Chopra , 36, and Nick Jonas , 25, went to the Met Gala a year ago together but reportedly started dating only much later. The couple took to Instagram on Saturday to share stunning shots from their engagement ceremony in Mumbai , India.