'UPA had seen only two years of sub-seven percent growth: Chidambaram

Last Updated: Fri, Nov 09, 2012 14:50 hrs

Finance Minister P. Chidambaram on Friday said the country under the Congress-led UPA Government had seen only two years of below seven percent growth despite the downturn in the global economy.

"Since September 2008 the global economy has witnessed a severe downturn. We would do well to remember that since 2004 when the UPA Government assumed office, out of eight years it was only in two years i.e. in 2008-09 and 2011-12 that GDP grew at below seven percent," said Congress General Secretary Janardhan Dwivedi, while quoting Chidambaram's address at the party's 'Samvaad Baidhak' at Surajkund in Haryana.

Chidambaram further said that the slowdown in growth is attributed mainly to the global economic situation, high commodity prices, inflation and decline in investment.

Dwivedi said that Chidambaram pointed that 'we have to be careful about reforms'.

"Many steps have been taken in the last two month to get rid of the sense of stagnation and to get on with the task of restoring high growth," said Dwivedi, while quoting Chidambaram.

Dwivedi further said that Chidambaram also talked about fiscal consolidation and the need to stabilize the value of rupee.

The Prime Minister Dr. Manmohan Singh on his part said that economic growth, rising subsidy bill and the growing gap between the government's spending and earning were big worry areas.

Dr. Singh also said that inflation was a serious problem. (ANI)

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