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Credit for GDP uptick should go to UPA govt: Chidambaram

A number of steps were taken by the UPA govt to revive manufacturing electricity and mining sectors, Chidambaram said.

By: Press Trust of India | New Delhi | Published: August 30, 2014 1:48 pm
Observing that the first quarter is the period between April and June 2014, Chidambaram said it was the UPA govt that was in charge until May 26, 2014. Observing that the first quarter is the period between April and June 2014, Chidambaram said it was the UPA govt that was in charge until May 26, 2014.

Taking credit for the uptick in domestic economy, former Finance Minister P Chidambaram on Saturday said the 5.7 per cent growth in the first quarter vindicates UPA government’s projection that revival would take place in  the beginning of 2014-15 as a result of measures taken in the previous fiscal.

“The GDP data for the first quarter of 2014-15 was released on Friday and the Congress party and I are naturally very pleased. “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.

Observing that the first quarter is the period between April and June 2014, he said it was the UPA government that was in charge until May 26, 2014.

“We are therefore legitimately entitled to take credit for the revival of the economy, although much more remains to be done,” he said.
Chidambaram exuded confidence that economic growth could exceed 5.5 per cent in the current fiscal if the government of the day follows the policies of UPA government.

“I am glad that the Ministry of Finance has acknowledged that the data was broadly on expected lines. If the NDA government builds on the foundations laid by the UPA government, I am confident that the economy will grow at over 5.5 per cent in 2014-15,” he added.

A number of steps were taken by the UPA government to revive manufacturing (reduction of excise duty), electricity (coal linkages) and mining sectors, he said.

Besides, a number of reforms were undertaken in the financial services sector, he said, adding that these are the lead performing sectors of the economy as per the latest CSO data.

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  1. prakash gotimukul
    Aug 30, 2014 at 4:41 pm
    A bad looser. First he won the election by malpractice. Later he completely spoiled the economy. Now after being thrown out by electorate claims that credit must go to UPA. Shameless to say the least. Will he also take the credit of policy paralysis and economy going down to a mear 4 % from a healthy 9% when he took over.......less said the better.....If he has any suggestion to improve then it would have been appreciated. But that atude is not there in any congi.. ..so only such bragging
    1. 4
      Aug 31, 2014 at 3:25 am
      Harvard graduate you are wrong and will be guillotined- you did not give credit to the cambridge graduate for the up turn- shame on you- you are becoming too ambitious.
      1. R
        Aug 30, 2014 at 11:34 am
        How about taking credit for all the scams under the UPA Government? What were you and the UPA doing for the past ten years besides looting and enabling loot ? You are a mere servant of Sonia and have now been put out to pasture with the rest of the inept and corrupt bunch. Live with it! Did you not say that what Modi knew about economics would fit on the back of a postage stamp? He has shown he understands more about it than you do or ever will.
        1. A
          Aug 30, 2014 at 5:55 pm
          We should felicitate this man for showing a genius for cooking books and fixing elections! Did the UPA acknowledge that Vajpayee and Co left them a robust economy in 2004 growing at 8.2%? What did the UPA2 leave for the incoming NDA government this year-- a stagnant economy with sky high inflation? And they expect that to be solved in a 100 days?Someone should put a muzzle on this man-- note his deceit in rigging numbers in the interim budget earlier this year.
          1. M
            Aug 30, 2014 at 8:25 pm
            no no no Mr. Chidambaram Saheb. All credit should go Rahul Baba. Without him your wont have faced such a defeat and this nation won't have regained the confidence. So UPA as such had nothing to do.
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