GDP under Modi govt higher than UPA's last four years: Niti Aayog VC

NEW DELHI: Niti Aayog vice-chairman Rajiv Kumar said on Saturday that the GDP growth rate under four years of the Modi government is still higher than the growth rate of last four years of UPA.
In a series of tweets, Kumar said, "Growth rate under four years of Modi Government is still higher than the growth rate of last four years of UPA. This is being managed despite the pernicious legacy of massive NPAs, de-leveraging of commercial bank credit and an uncertain global trade environment.
He stated that "strong foundations have been laid out during the past 4 years for sustained high and inclusionary growth in the future."

This comes in the backdrop of data released by the National Statistical Commission (NSC) which showed that the Indian economy clocked a double-digit growth (10.8 per cent) in 2006-07 under the Manmohan Singh government.
The Niti Aayog VC also said, "Higher growth rate in 2009-2011 and in previous years was funded by untenable fiscal deficit and reckless expansion of commercial bank credit which was surely unsustainable. This led to a dramatic economic collapse and growth floundered spectacularly in last 3 years of UPA II."
He added: "This (growth rate) is reflected in Mundle committee’s estimates of the back series as well- 7.05% in 2011-12; 5.42% in 2012-13; and 6.05% in 2013-14. India was branded as part of the Fragile 5. Rupee’s exchange rate went into a free fall during May-August 2013, declining almost 25% in 4 months."

Sharing his views on the recently released figures, economic advisory council to the prime minister (EAC-PM) member Surjit Bhalla said that the new GDP data does not change the reality that 'macro-economic instability' was highest under the previous UPA government period.
"Rumour going around that UPA had higher growth; therefore no policy paralysis; "new" GDP data does not change reality that macro-economic INSTABILITY was highest under UPA-highest inflation ever, highest center + state fiscal deficits, highest corruption & highest policy paralysis," Bhalla said in a tweet.

Earlier in the day, the Congress said the figures has exposed the Modi government's hollow claims of development.
"If we look at the revised GDP backseries data at market prices, not only did UPA I & II far outperform both NDA I & II, but also delivered double digit growth TWICE. A record unparalleled in modern Indian history," the Congress tweeted.