Economic Recovery Result of Work Done by UPA Government: Chidambaram

The senior Congress leader doubted whether the new BJP government would be able to maintain the momentum of recovery.

Published: 11th October 2014 11:37 PM  |   Last Updated: 11th October 2014 11:39 PM   |  A+A-


MUMBAI: Former Finance Minister P Chidambaram asserted it is the result of efforts of the earlier UPA government that the economy is now showing signs of recovery.

"When the first quarter GDP results came out, at 5.7 per cent, I said it was because of the work done by the UPA government and I maintain it," Chidambaram told reporters.

"It is what we did in 2012, 2013 and up to March 2014. The momentum of what we did continued to take the economy forward," he said.

The senior Congress leader doubted whether the new BJP government would be able to maintain the momentum of recovery.

"When I am the driver, my foot is on the accelerator, and the car is moving at a certain pace but it cannot run forever. The momentum will take the car till a certain distance," he said.

"In the first quarter of 2014-15, we got 5.7 per cent growth rate. But after that, specially after May 26 (when Modi government came to power), we want to ask, is your foot on the accelerator at all," he said.

The former Finance Minister seized upon RBI governor Raghuram Rajan's remark that the second quarter would be worse than the first to target the government over "extravagant claims".

"What have you done to continue the momentum beyond the first quarter? There is no answer. The answer will come on November 30 when the second quarter results are there. The RBI governor said in Washington yesterday that the second quarter will be worse than the first quarter," he said.

"I am not saying it will be better or worse. I am just pointing out what RBI governor has said. I want to ask the PM: Why is it so? Why is the momentum not being maintained?

"What have you done in the last 140 days? You made several promises and continue to make several extravagant claims," he said.

He also took a dig at Prime Minister Narendra Modi for his poll promise to bring back black money stashed in foreign banks, saying, "Modi said he will bring it back in 100 days.

He didn't say when the first day will start." "I don't think they have made any more progress on this issue than what we were able to do. There are serious difficulties there. Switzerland is a very difficult customer.

Their whole economy is built on banking secrecy," he said.


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp