BJP’s claim bogus, UPA-1 growth rate best ever: P Chidambaram

P Chidambaram

New Delhi, Jan 19: Former Finance Minister P. Chidambaram on Saturday targetted the Narendra Modi government for claiming higher growth rate saying “it is based on the bogus numbers produced by the Niti Aayog”.

In a series of tweets, Senior Congress leader said “The BJP’s claim of ‘highest growth rate’ under NDA is based on the bogus numbers produced by the Niti Aayog”.

“Those numbers have been rejected by every economist and statistician of repute.”

“UPA-1 years (2004-09) were the best growth years since independence and in fact the best ever,” he said in another tweet.

His reaction comes days after Finance Minister Arun Jaitley claimed that the BJP government had changed India’s image from a “fragile five” to “a bright spot in global economy”.

The Congress leader accused Modi government of utilising the Niti Aayog to use the back-series estimates for India’s GDP to revise the growth rates of previous years just to show the economy performed better during the NDA rule in comparison to the UPA regime.

The NITI Aayog and Central Statistics Office (CSO) on November 28, released the back-series estimates for GDP, which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology.

However, the GDP Back Series 2011 report by the National Statistical Commission (NSC)-constituted Committee on Real Sector Statistics, released in August 2018, credited UPA regime with the fastest economic growth leading to a political slugfest with the saffron party.

“The CSO numbers (on economic performance) that were published earlier and the NSC Committee on Real Sector Statistics numbers released in August are the only ones that have credibility,” Chidambaram added.

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