India’s economy grew highest, 10.08% under Manmohan Singh’s tenure: Report

India’s economy grew highest, 10.08% under Manmohan Singh’s tenure: Report

According to a report prepared by Committee on Real Sector Statistics, India’s economy had grew the highest during the Prime Ministerial period of Manmohan Singh. The back series data on GDP prepared by the Committee on Real Sector Statistics has revealed that Indian economy clocked a 10.08 per cent growth rate in 2006-07.

The report compared the India’s economic growth rates between old series – 2004-05 and the new series based on 2011-12 prices. Interestingly, the highest ever growth rate since Independence was recorded at 10.2 per cent in 1988-89 when Rajiv Gandhi was Prime Minister.

As per the reports released on the website of the Ministry of Statistics and Programme Implementation (MOSPI), the expansion in the Gross Domestic Product (GDP) at constant prices was 9.57 per cent during 2006-07, when Manmohan Singh was prime minister. As per the new series (2011-12), the growth number stands revised at 10.08 per cent.

The estimates of GDP and other related aggregates for the period 1993-94 to 2013-14 have been calculated by the committee using a so-called production shift method. An advisory committee on National Accounts Statistics will now go through the calculations before it is finally vetted by the National Statistical Commission.

Reacting to the reports, Congress party took the development to the Twitter saying, “The GDP backseries 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 UPA also delivered the ONLY instance of double-digit annual growth in modern Indian history.”

The GDP numbers for the later years too have been revised upwards, according to the report.

The National Statistics Commission had set up the Committee to recommend suitable measures to strengthen systems and processes for collection, collation and dissemination of these statistics with possibility for improving timeliness.

Latest Update