Union Minister Arun Jaitley yesterday said policies of the UPA to promote growth led to macro-economic instability, as he joins the debate over the back series data indicating better economic performance during the Manmohan Singh government. During the UPA regime, "fiscal discipline was compromised and the banking system was advised to go in for reckless lending notwithstanding the fact that it would eventually put the banks at a risk. And yet when the UPA moved out of power in 2014, the last three year record, even in terms of growth, was less than modest," Jaitley said in a Facebook post. A debate is taking place over the National Statistical Commission (NSC) sub-committee's estimates of GDP growth series with 2011-12 base.

As per the back series data on GDP, Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since liberalisation of the economy in 1991. "The policies of the UPA to promote growth led to macro instability thus producing a poor quality of growth," Jaitley said. Jaitley has citied data on fiscal deficit, bank credit growth, inflation and current account balance from 1999 to 2017-18 to support his argument. He said 2003-04 witnessed the boom period for the global economy. The result was that global growth picked up. Most economies were doing well and all emerging economies started showing a high growth rate.