'Revised GDP proves UPA put economy back on growth path'

Former Finance Minister P Chidambaram today said the revised GDP data, which has pegged the growth rate for 2013-14 at 6.9 per cent, conclusively establishes that the UPA government put the economy back on the growth path.
"The data released today and the other economic indicators conclusively establish that the UPA government succeeded in substantial measure on all the four objectives," Chidambaram said in statement.
He said during his tenure as the Finance Minister since August 2012 till May 2014, the government was successful in achieving its objectives of fiscal consolidation, containing current account deficit (CAD), moderation in inflation and putting the economy back on the growth path.

"I am happy that the Government has released the revised GDP data. It should put an end, once and for all time, to the misconceived charge that the UPA government had mismanaged the economy," he added.
The revised estimate of FY14 economic growth was based on a new calculation method of national accounts with base year changed to 2011-12, from 2004-05 earlier. Earlier the FY14 growth rate was projected at 4.7 per cent.
Also, the economic growth rate for 2012-13 has been revised upwards to 5.1 per cent, compared with 4.5 per cent estimated earlier.

"With the GDP data for 2012-13 and 2013-14, it will be clear that the 10 years of the UPA government recorded the highest decadal growth since Independence. I wish successor governments will aim to better the UPA's record.

"I sincerely hope that the government's leaders will stop repeating the jibe of sub-5 per cent growth in the last two years," Chidambaram added.
He further said that there is much work to be done and the opposition will help the government.
"It is up to the government to reach out to everyone, build consensus, and work toward achieving higher growth in the years to come," he said.