In the governance of BJP's PM Narendra Modi, citizens are distantly having his Achhe Din and we are still hoping for it to come soon. Everyone is waiting for Achhe Din and Vikas from the day BJP came into action and now here came the reports which are highly disappointing.
According to back series calculations by a committee appointed by the National Statistical Commission, India's economy was higher under the former Prime Minister Dr. Manmohan Singh during the UPA government (United Progressive Alliance). It was 10.23% in 2007-08 and 10.78% in 2010-11.
The average gross domestic product (GDP) growth during former PM's Atal Bihari Vajpayee’s time (1998-99 to 2003-04) was 5.73% from 5.9%.
A Central Statistics Office spokesperson, however, said these are “indicative and experimental numbers” and the final figures based on sectoral data will be calculated in a month’s time.
DK Joshi, chief economist at Crisil Ltd.said, "it is interesting to compare aggregate GDP growth, it is equally important to look at what caused it and whether it was supported by sustainable fiscal/monetary policies".
The highest ever growth rate since the Independence was stated at 10.2% in 1988-89 when Rajiv Gandhi was Prime Minister. The report has been released on the website of the Ministry of Statistics and Programme Implementation (MOSPI) and it is prepared by the Committee on Real Sector Statistics, integrated by the National Statistical Commission. The reports compare the growth between old series (2004-05) and new series based on 2011-12 prices of the domestic products.
"The GDP back series data is finally out. It proves that like-for-like, the economy under both UPA terms (10-year avg: 8.1%) outperformed the Modi Govt (Avg 7.3%), the Congress party said in a tweet.
It also suggested that the UPA is the only government who double the digit of annual growth in modern Indian history.
Post the release of this report of a comparison of growth rates, netizens are quick to respond on the same. Here's what they are saying including some official's tweets:
Even at the time of economic crisis, former PM Singh ensured that the economy remains constant.
What are your thoughts on the same, tell us in the comment section?