Speaking at an industry body FICCI meeting in Delhi, the BJP president said the GDP growth rate had gone up to 7.1 per cent after falling to 4.7 per cent in 2013-2014 when the Congress-led UPA was in power at the Centre.
Under the Congress-led UPA, the GDP was 4.7 per cent, the current account deficit rose to 5 per cent and there was double-digit inflation, while the government in its 10-year rule was riddled with scams and hit by policy paralysis, Mr Shah said. The BJP chief’s claim, however, was at odds with the last government’s report card which said India’s economy grew at 7.7 per cent under it.
GDP or gross domestic product growth fell to a three-year low of 5.7 per cent in the April-June quarter. The economy had expanded at 6.1 per cent in the March quarter and at 7.9 per cent in the April-June quarter last year.
The July 1 launch of the goods and services tax (GST) and a lingering impact of demonetisation hurt the June quarter GDP numbers, economists had said.
Finance Minister Arun Jaitley had said that the June quarter data “is a matter of concern”.
While speaking at the event, Mr Shah also touched upon the issue of banks’ non-performing assets (NPA), seen as a drag on the economy, saying the Narendra Modi government had inherited these bad loans and none of them happened during its tenure.
“The issue is looked politically. But I want to make it very clear that none of these loans which turned NPAs were offered during our government. Opposition targets us saying so many accounts have turned into NPAs. But not a single account is from our time. We have inherited it,” he said.
“Some critics of our government claim that development has stalled but I would like to tell them not to look at statistics but travel around to find development,” Mr Shah said.
(With Inputs From PTI)