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When Manmohan Singh brought reforms in 1991, GDP was reduced to 1.1%, says NITI Aayog VC

"When Manmohan Singh brought some reforms in 1991-92, our GDP was reduced to 1.8. In comparison to that, it's an achievement that even after huge reforms like GST and demonetisation, our GDP didn't face that reduction," Rajiv Kumar said.

By: Express Web Desk | New Delhi | Updated: January 6, 2018 5:52 pm
GDP GDP growth, india's GDP growth, Niti Aayog vice-chairman, Rajiv Kumar, GVA, demonetisation, GST, Manmohan singh, narendra Modi, Rahul Gandhi, Arun jaitley, India news, economy, Niti Aayog vice-chairman Rajiv Kumar. (Source: ANI photo)

A day after the Central Statistics Office (CSO) projected that India’s GDP is estimated to grow at 6.5 per cent – a four- year low, Niti Aayog vice-chairman Rajiv Kumar called it an achievement. Kumar said that even after huge reforms like goods and services (GST) and demonetisation, the GDP did not reduce that much.

“When Manmohan Singh brought some reforms in 1991-92, our GDP was reduced to 1.1. In comparison to that, it’s an achievement that even after huge reforms like GST and demonetisation, our GDP didn’t face that reduction,” ANI quoted Kumar as saying.

CSO data showed growth was lower than the 7.1 per cent it touched in the previous financial year on account of slowdown in the agricultural and manufacturing output. However, the  Gross Value Added (GVA) is estimated at 6.1 per cent for 2017-18, down from 6.6 per cent in the previous financial year.

The Congress has accused Prime Minister Narendra Modi and Finance Minister Arun Jaitley of ignoring economic wisdom and dealing a “catastrophic” blow to India’s growth story.

Earlier in the day, former finance minister P Chidambaram said, “The worst fears of an imminent economic slowdown have come true. The Modi government’s tall claims of India growing at a robust growth rate have evaporated in thin air.” Congress President Rahul Gandhi took to Twitter to mock Jaitley and PM Modi’s combination for the slow economic growth.

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  1. Ramalingan Narayanan
    Jan 7, 2018 at 7:19 am
    Without knowing the facts don't bark like a street fog.If you want to be a loyal dog be it.but don misguide us.Yiu are given the post not because if merit but because of chsmchagiri.just enjoy the perks and shut up
    1. Ramasubramani Hariharaiyer
      Jan 7, 2018 at 2:51 am
      That was under the great CONGRESS regime,and any reduction in welfare schemes was to be counted as a gain,again for the people in power.So,Mr Rajiv Kumar,please don't confuse issues and give Credit to "BJP".It is rather suicidal.
        Jan 7, 2018 at 2:08 am
        There is a lot of difference between then and now. In those days major chunk of population was in government jobs which meant certainty in life. Population has grown over the years and at present major chunk of population is not in government jobs, and consequently certainty has disappeared from majority of population's life. What was the rate of return on Indira Vikas Patra, Recurring deposits in days of ManMohan Singh ?These instruments i.e. Indira Vikas Patra, Recurring deposits, etc. provide some stability to great Indian middle class. Present Bhartiya Janta Party government has shamelessly reduced interest rate on National Savings Certificate, Recurring deposits causing a lot of stress in lives of middle class people. Whatever present government says is "economic reform", is actually withdrawal of government support that was given by previous governments or "big disruption" like de-monetisation in normal activities.
        1. Abraham K
          Jan 7, 2018 at 1:53 am
          The difference is that when MMS introduced the reforms, no matter what the GDP was, the common man did not reel under the reforms.
          1. Rakesh Bhargava
            Jan 7, 2018 at 8:24 am
            When corruption is blocked, all corrupt people suffer. Big industrialist we're looting India under MMS rules, once questioned now all are in NCLT this will certainly reduce GDP. But now clean India will emerge.
            1. Udaynath Krishnan
              Jan 7, 2018 at 2:13 pm
              Rakesh how is downward trend in agriculture and industrial output linked to the downward dive of GDP. The first two years Modi and you bhakts were screaming about the investments in India shooting up. Where are they invested? In the stock market ? Come out of the past its 4 years since he is there at the helm
          2. Ramesh Rao Neramballi
            Jan 7, 2018 at 1:08 am
            These useless guys simply delve into the past and twist the facts to justify their foolishness.if they can't deliver as promised, just get out.
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