File-PTI Photo/ Kamal Singh
It Is UPA Govt Who Should Get Credit for GDP Increase: PC

Taking credit for the uptick in domestic economy, former Finance Minister P Chidambaram today said the 5.7 per cent growth in the first quarter vindicates UPA government's projection that revival would take place in the beginning of 2014-15 as a result of measures taken in the previous fiscal.

"The GDP data for the first quarter of 2014-15 was released yesterday and the Congress party and I are naturally very pleased.

"The 5.7 per cent growth rate vindicates our position that the decline in economic growth had been halted in the middle of 2013-14 as well as our forecast that the upturn will take place in the beginning of 2014-15," he said in a statement.

Observing that the first quarter is the period between April and June 2014, he said it was the UPA government that was in charge until May 26, 2014.

"We are therefore legitimately entitled to take credit for the revival of the economy, although much more remains to be done," he said.

Chidambaram exuded confidence that economic growth could exceed 5.5 per cent in the current fiscal if the government of the day follows the policies of UPA government.

"I am glad that the Ministry of Finance has acknowledged that the data was broadly on expected lines. If the NDA government builds on the foundations laid by the UPA government, I am confident that the economy will grow at over 5.5 per cent in 2014-15," he added.

A number of steps were taken by the UPA government to revive manufacturing (reduction of excise duty), electricity (coal linkages) and mining sectors, he said.

Besides, a number of reforms were undertaken in the financial services sector, he said, adding that these are the lead performing sectors of the economy as per the latest CSO data.

Improved performance of mining, manufacturing and services sectors pushed the country's economic growth rate to two-and-half year high in the first quarter of 2014-15.

The previous high of GDP growth rate was recorded at six per cent in the October-December quarter of 2011-12.

Chidambaram expressed hope that GDP data would be higher than 4.7 per cent for 2013-14 as it would be revised upward.

"I wish to recall my statement of May 30, 2014 where I had pointed out that the growth rates for Q1 and Q2 of 2013-14 had been revised upward from the earlier estimates.

"I remain hopeful that the growth rates for Q3 and Q4 of 2013-14 will also be revised upward," he said.

According to the data of Central Statistics Office (CSO), the manufacturing sector recorded a growth of 3.5 per cent in Q1, 2014-15 as against a contraction of 1.2 per cent in Q1, 2013-14.

The mining sector too grew by 2.1 per cent in Q1, compared to a decline in production by 3.9 per cent in the year-ago period.

The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 per cent, followed by electricity, gas and water supply at 10.2 per cent.

Emerging story. Watch this space for updates as more details come in
Follow us on Twitter for all updates, like us on Facebook for important and fun stuff
Translate into:
© Copyright PTI. All rights reserved. Republication or redistribution of any PTI content, including by framing or similar means, is expressly prohibited without their prior written consent.
RELATED NEWS :


Post a Comment
Share your thoughts
You are not logged in, please log in or register
Must See
Daily Mail
Digression

4/D-83
Sep 02, 2014
05:12 PM

PC is absolutely right. If UPA had still continued in power, the market sentiment would have hit rock bottom. As such, UPA did a great service by losing.

Akash Verma, Chennai
3/D-115
Aug 30, 2014
08:19 PM

PC is brainless man, but celebrated in UPA.

It is simply tightening up of governance that is showing the improvement.
Who stopped them? MMS and Co were involved in one after another Scam.

vimal, Munich
2/D-91
Aug 30, 2014
04:10 PM

'It Is UPA Govt Who Should Get Credit for GDP Increase: PC' . Agreed.  UPA did it by losing the loksabha elections.

Agosuke, Bangalore
1/D-82
Aug 30, 2014
03:08 PM
Comment removed for violation of Website Policy
Misogynist, Chennai
Order by

Order by

Order by

ABOUT US | CONTACT US | SUBSCRIBE | ADVERTISING RATES | COPYRIGHT & DISCLAIMER | COMMENTS POLICY

OUTLOOK TOPICS:    a b c d e f g h i j k l m n o p q r s t u v w x y z  0 1 2 3 4 5 6 7 8 9   
Or just type in a few initial letters of a topic: