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 5:52:05 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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