Jaitley defends GDP back-series data that slashed UPA-era growth rates

Finance Minister Arun Jaitley on Thursday rejected the Congress criticism of Gross Domestic Product GDP back series data as malicious and fraudulent jugglery saying it was realistic and not fictionalHe said the data released on Wednesday was based on facts and best global practices and was being rejected by the Congress as it took away the last of its surviving arguments that the GDP growth during the UPA era was higher compared to the present regimeData is realistic It is not fictional And this formula is globally more comparable So what was welcomed by the UPA in 2015 is now being criticised in the year 2018 because it revises it growth downwards he told reportersThe Congress Partys reaction is given by those who perhaps have a nodding acquaintance with the subject he later wrote in FacebookHe said the Central Statistics Office CSO was a highly credible organisation and it completely maintained an arms length distance from the Finance Ministry In fact we also come to know about the data only when it is finally released he saidNo one in India has ever imputed motives to the CSO The sooner the Congress party realises that its policy paralysis pushed India into the FragileFive the better it will be for the party and its leadership he saidThe Congress on Wednesday accused Prime Minister Narendra Modi and Finance Minister Arun Jaitley of resorting to malicious and fraudulent jugglery of GDP figures to hide the enormous body blow caused by them to Indias economyCongress Spokesperson Randeep Singh Surjewala said that failed Modinomics plus a pakoda economic vision has sunk Indias economy in complete turmoilFormer Finance Minister P Chidambaram said the NITI Ayogs revised GDP numbers were a joke bad joke and worse than a bad jokeThe numbers are the result of a hatchet job Now that the NITI Ayog has done the hatchet job it is time to wind up the utterly worthless body Chidambaram saidJaitley said the immediate impact of the revision based on the new GDP series was on the last two years of the UPA government and was welcomed by the CongressFor the year 201213 the growth rate was revised from 47 per cent to 51 per cent and later again to 55 per cent Similarly for 201314 the GDP growth rate was revised from 5 per cent to 69 per cent and later revised to 64 per cent He wrote in his Facebook postHe said his predecessor Chidambaram publically welcomed the new series saying it would end misconceived charges that the UPA mismanaged the economy and that it in fact succeeded to revive the economyNow in continuation of the same exercise applying the same yardstick the new series has been made applicable from FY 2004 or 05 So the growth on the basis of the new series may be revised either upward or downward depending on the applicability of the data he saidThe Finance Minister said that the formula was the same So while comparing it the yardstick has to be the sameConsequently the same basis which improved the growth estimate in the last two years of the UPA government somewhat downgraded it in the earlier years Those who took after the new series in 2015 now consider the new series to be a hatched job and a bad joke What humours some when data shows an upward trend depresses them if it moves in the reverse direction Jaitley saidIn a joint press conference with the NITI Aayog the CSO on Wednesday released the muchawaited backseries estimates for Indias GDP which showed a lower rate of growth during the UPA years between 200506 and 201112 than what was estimated using the earlier methodologyCatch up on all the latest Crime National International and Hatke news here Also download the new midday Android and iOS apps to get latest updatesThis story has been sourced from a third party syndicated feed agencies Except for the change in the headline the story has been provided ASIS AS AVAILABLE without any verification or editing from our side Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever