Credit for GDP uptick should go to UPA govt: Chidambaram

August 30, 2014

New Delhi, Aug 30: Taking credit for the uptick in domestic economy, former Finance Minister P Chidambaram today said the 5.7 per cent growth in the first quarter vindicates UPA government's projection that revival would take place in the beginning of 2014-15 as a result of measures taken in the previous fiscal.Chidambaram

"The GDP data for the first quarter of 2014-15 was released yesterday and the Congress party and I are naturally very pleased.

"The 5.7 per cent growth rate vindicates our position that the decline in economic growth had been halted in the middle of 2013-14 as well as our forecast that the upturn will take place in the beginning of 2014-15," he said in a statement.

Observing that the first quarter is the period between April and June 2014, he said it was the UPA government that was in charge until May 26, 2014.

"We are therefore legitimately entitled to take credit for the revival of the economy, although much more remains to be done," he said.

Chidambaram exuded confidence that economic growth could exceed 5.5 per cent in the current fiscal if the government of the day follows the policies of UPA government.

"I am glad that the Ministry of Finance has acknowledged that the data was broadly on expected lines. If the NDA government builds on the foundations laid by the UPA government, I am confident that the economy will grow at over 5.5 per cent in 2014-15," he added.

A number of steps were taken by the UPA government to revive manufacturing (reduction of excise duty), electricity (coal linkages) and mining sectors, he said.

Besides, a number of reforms were undertaken in the financial services sector, he said, adding that these are the lead performing sectors of the economy as per the latest CSO data.

Improved performance of mining, manufacturing and services sectors pushed the country's economic growth rate to two-and-half year high in the first quarter of 2014-15.

The previous high of GDP growth rate was recorded at six per cent in the October-December quarter of 2011-12.

Chidambaram expressed hope that GDP data would be higher than 4.7 per cent for 2013-14 as it would be revised upward.

"I wish to recall my statement of May 30, 2014 where I had pointed out that the growth rates for Q1 and Q2 of 2013-14 had been revised upward from the earlier estimates.

"I remain hopeful that the growth rates for Q3 and Q4 of 2013-14 will also be revised upward," he said.

According to the data of Central Statistics Office (CSO), the manufacturing sector recorded a growth of 3.5 per cent in Q1, 2014-15 as against a contraction of 1.2 per cent in Q1, 2013-14.

The mining sector too grew by 2.1 per cent in Q1, compared to a decline in production by 3.9 per cent in the year-ago period.

The highest growth rate during Q1, 2014-15 was recorded by financial services sector at 10.4 per cent, followed by electricity, gas and water supply at 10.2 per cent.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 2,2020

Feb 2: The Supreme court on Monday decided to hear on March 4 a plea seeking registration of FIRs against politicians for hate speeches which allegedly led to violence in the national capital.

A bench headed by Chief Justice S A Bobde agreed to hear the plea filed by riots victims.

The petition was mentioned for urgent listing by senior advocate Colin Gonsalves, appearing for the riots victims.

Gonsalves said that the Delhi High Court has deferred for four weeks the matters related to riots in the national capital despite the fact that people are still dying due to the recent violence.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 25,2020

New Delhi, Apr 25: With 1,429 more COVID-19 cases reported in the last 24 hours, India's count of coronavirus cases has reached 24,506, said Ministry of Health and Family Welfare on Friday.

Out of these, 18,668 patients are active cases and 5063 cases have been cured, discharged, or migrated.

The death toll stands at 775, with as many as 57 deaths reported in the last 24 hours.

According to the morning update by the ministry, Maharashtra continues to be the worst-hit State with 6,817 cases of which 840 patients have recovered and 301 patients have died.

Gujarat now stands in the second spot with 2,815 cases, of which 265 have recovered and 127 people have died. Meanwhile, Delhi's count stands at 2,514 of which 857 patients have recovered, while 53 patients have lost their lives.

Tamil Nadu's COVID-19 figure stands at 1,755 with 866 patients recovered and 22 fatalities. Rajasthan has reported 2,034 cases of which 230 have recovered and 27 patients are dead.

Madhya Pradesh has reported 1,852 positive cases so far of which 210 patients have recovered and 92 patients have lost their lives due to the virus. In Uttar Pradesh, as many as 1,621 people have confirmed COVID-19, of which 247 recovered and 25 people have succumbed to it.

In Kerala, which reported the country's first COVID-19 case, 450 people have been detected positive for coronavirus.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Agencies
July 10,2020

Kanpur, Jul 10: Kanpur encounter main accused Vikas Dubey, who was injured in an encounter with the police, died on Friday, the police said.

"Gangster Vikas Dubey arrested for killing eight policemen is dead," confirmed the police.

According to SP Kanpur West Anil Kumar, gangster Vikas Dubey attempted to flee after the car overturned. Dubey attempted to flee by snatching pistol of the injured policemen. However, he was shot in the retaliatory firing.

"Vikas Dubey attempted to flee by snatching pistol of the injured policemen after the car overturned. Police tried to make him surrender, during which he fired at the policemen. He was injured in retaliatory firing by police. He was later rushed to the hospital," SP Kanpur West told reporters here.

Dubey, the main accused in the Kanpur encounter was arrested by the police in Ujjain on Thursday morning. He was on the run for the last six days and had come to Ujjain to offer prayers at Temple, where he was identified by a security guard at the shrine.

The gangster is the main accused in the encounter that took place in Bikru village in Chaubeypur area of Kanpur last week, in which a group of assailants allegedly opened fire on a police team, which had gone to arrest Dubey. Eight police personnel were killed in the encounter.

Dubey managed to escape after the killing.  The Uttar Pradesh police launched a hunt for him and raised the bounty on him to Rs 5 lakh.

Bahua Dubey and Prabhat Mishra, close aides of the main accused, were killed in separate encounters in Etawah and Kanpur respectively, on Thursday.

The main accused's other aide Shyamu Bajpai was arrested by the Chaubeypur police following an encounter. He carried a reward of Rs 25,000, the police informed on Wednesday. Earlier the same day, Uttar Pradesh's Special Task Force (STF) gunned down Vikas Dubey's close aide Amar Dubey in Hamirpur district.

Comments

Kannadiga
 - 
Friday, 10 Jul 2020

No one fool other than ghobar society will believe on this news. Totally a goonda raj by yogiraaj.  He tried to offer 1crore to all killed policemen. But locals obligation now this is the  new drama. One way this is a lesson to his and his chaddi society's followers that party can take their own soldiers life for the self benefit.

Long Live India

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.