UPA left economy in robust health: Chidambaram

Former Finance Minister P Chidambaram and the Congress on Wednesday stated the Economic Survey (ES) reaffirmed that the UPA has indeed left the economy in robust health.

Chidambaram said, "I am glad that the Economic Survey has acknowledged the measures taken by the UPA government on the macro stabilisation front and the successes achieved in containing the current account deficit and reducing the fiscal deficit. I am also glad that the ES has noted several significant developments - the increase in foreign exchange reserves; the decline in WPI inflation from 8.9 per cent to 7.4 per cent to 6 per cent; and the restoration of exchange rate stability."

Lauding the ES for correctly identifying the slowdown witnessed in the last two years to "the global context marked by the Euro crisis, the general slowdown of the global economy, and the declining growth in emerging markets and developing economies, including China," said Chidambaram. "The ES has also appreciated the measures taken by the UPA government and the Reserve Bank of India in mid-July 2013."