Indian economy recorded a growth rate of 10.08% rate in 2006-07, the only instance of double-digit annual growth since economic liberalisation of 1991.
About:
The report on back series data on Gross Domestic Product (GDP) has been prepared by the Committee on Real Sector Statistics (chaired by Sudipto Mundle) which was constituted by the National Statistical Commission.
Change in the base year to 2011-12 for calculation of national accounts made past data incomparable. That’s why the report compares growth rates between old series (2004-05) and new series based on 2011-12 prices.
Findings:
The Indian economy recorded a 10.08% growth rate in 2006-07, the only instance of double digits growth since liberalisation of the economy in 1991.
As per the old series (2004-05), the economy grew at 9.57% during 2006-07.
As per the new series (2011-12), the economy grew at 10.08%.
The highest ever growth rate since Independence was recorded at 10.2% in 1988-89 when Rajiv Gandhi was prime minister.
The Indian economy grew at a faster rate during UPA govt. tenure (between 2004-05 and 2013-14) as compared to the first four years of the NDA govt.
The average economic growth rate was 8.87 % during the first term (2004-05 to 2008-09) of the UPA govt., which fell to 7.39 % during its second term (2009-10 to 2013-14).
In contrast, the average growth rate in first four years of the NDA govt. was recorded at 7.35 per cent (2014-15 to 2017-18).
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