Thursday 27 October 2016

Chidambaram Says Credit for Q1 Growth Goes to UPA

New Delhi

Former Finance Minister P Chidambaram today said the high growth that Indian economy has logged in the first quarter of the current fiscal was on account of the UPA policies and the new government must give it the due credit.

"Can the Modi government name one measure that was implemented after May 26 that yielded results by June 30? They cannot. Hence the credit for Q1 belongs entirely to the UPA government. The NDA should stop being churlish and give credit where it is due," said the senior Congress leader.

Improved performance of mining, manufacturing and services sectors pushed the country's economic growth rate to two-and-half year high of 5.7 per cent in the first quarter of 2014-15.

On Saturday, Chidambaram had said the 5.7 per cent growth rate vindicates position of the previous UPA government that the decline in GDP had been halted in the middle of 2013-14 as well as its forecast that the upturn will take place in the beginning of 2014-15.

He had said 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 and the these are the lead performing sectors of the economy as per the latest CSO data, he had said.

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