Arun Jaitley credited GDP growth during the UPA years to growth momentum achieved under the Atal Bihar Vajpayee-led NDA or a function of high global growth, said on a Facebook post on Saturday.
The debate is bulging out over the GDP growth data provided by national Statistical Commission (NSC) sub-committees with the 2011-12 base.
He said “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.”
Mr Jaitley supported with the various data which consisted of fiscal deficit, inflation, current account deficit, bank credit and the economic performance of emerging economies.
Former Finance Minister accused the UPA govt of being reckless in the promotion of bank lending which resulted into high non-performing asset (NPA) levels for public sector banks.
Mr Arun Jaitley pinned his data on fiscal deficit and shared about global financial crisis occurred in 2008 and said “Economies should not spend recklessly beyond their means. If they do that, they leave the future generation in debt. In future years instead of spending for growth, the economy would only be servicing the old debt. It would be noticed that from the period 2008 onwards, when the global boom ended, UPA seriously compromised the fiscal discipline and increased the spending much more than the revenue,”
Mr Jaitley said that India was the only country which has the fastest growing economy in the world when the global economy has attained slow motion after 2014. India has consistently overtaken China in the growth rate and has become the fastest growing economy in the world.
In boom years, all countries had seen progress in economic growth so even India was part of it. During boom years, economic growth during UPA govt flowered but it shrank down later.