UPA should be credited for economic revival: Chidambaram

Former finance minister P.Chidambaram Saturday claimed the credit for the 5.7 percent economic growth during the first quarter of this fiscal due to the policies of the United Progressive Alliance (UPA) government.

He said the UPA government had projected that the economic revival would happen at the start of 2014-15 owing to the steps taken in the earlier year.

Chidambaram also expressed confidence that the economic growth for the full year would be more than 5.5 percent if the central government acts on the foundation laid by the UPA government.

"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.

He said the erstwhile UPA government, which was in power till May 26, is entitled to take the credit for the economic revival.

Expressing his happiness that the finance ministry has acknowledged that the data was on the expected lines, Chidambaram said the UPA government had taken several decisions like reducing the excise duties to revive the manufacturing sector.