According to an official data, after the liberalization of the economy in 1991, the then prime minister Manmohan Singh's government saw an increase of 10.08 per cent in the Indian economy in fiscal 2006-07. The highest growth rate since independence was recorded at 10.2 per cent in 1988-89 when Rajiv Gandhi was the prime minister.
The previous series data has been prepared on the gross domestic product (GDP) by the Real Area Statistics Committee constituted by the National Statistical Commission. This report has been released on the website of the Ministry of Statistics and Program Implementation (MoSPI).
The report compares the growth rate between the new series on the basis of the old series (2004-05) and 2011-12 prices. According to the old series (2004-05), the expansion in GDP continued to be 9.57 per cent during 2006-07, when Manmohan Singh was the prime minister. According to the new series (2011-12), the growth number is revised at 10.08 per cent.
This is the highest growth rate registered by the country after the launch of the economic liberalization program launched by then Prime Minister PV Narasimha Rao. GDP backside data is finally over. Congress said in a tweet that it proves that under the UPA rules (10 years average: 8.1%), the economy has performed better than the Modi government (average 7.3%).
The UPA gave only one example of the annual growth of two points in modern Indian history, it said. According to the report, the number of gross domestic product for the subsequent years has also been revised upward. The National Statistical Commission had established the Committee to recommend suitable measures to strengthen the systems and procedures for the collection, assembly and dissemination of these data with the possibility of improving from time to time.
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