The GDP under Prime Minister Manmohan Singh's governance in 2006-07 was the highest since economic liberalisation in 1991, according to a committee set up by the National Statistical Commission.
Under the UPA government, the economy grew to 10.08 per cent in 2007-08 and in terms of market share price, the economy grew to 10.78 per cent in 2010-11. The numbers were slightly higher after the base year was adjusted to 2011-12 from 2004-05.
The report was released on the website of the Ministry of Statistics and Program Implementation. The report compares the old series FY04 and the new series FY12.
However, the Central Statistics Office said that these are 'indicative and experimental' numbers and the final numbers will be released in a month's time.
NR Bhanumurthy headed the sub-committee to make the calculations. Bhanumurthy is currently a professor at the National Institute of Public Finance and Policy (NIPFP). The committee made to calculate the economy, had to link the old and new GDP data. This was a particularly difficult task since much of the data went missing when the government shifted the base year from 2004-05 to 2011-2012.
The back series data on the GDP has been made by the Committee on Real Sector statistics, which is constituted by the national statistic Commission.
According to the old series, (2004-05), the GDP stood at 9.57 per cent during 2006-07. However, according to the new series, the growth number is at 10.08 per cent.
The Congress party tweeted, "The GDP back series data is finally out. It proves that like-for-like, the economy under both UPA terms (10-year avg: 8.1%) outperformed the Modi Govt (Avg 7.3%)".
The GDP backseries data is finally out.— Congress (@INCIndia) August 17, 2018
It proves that like-for-like, the economy under BOTH UPA terms (10 year avg: 8.1%) outperformed the Modi Govt (Avg 7.3%) .
The UPA also delivered the ONLY instance of double digit annual growth in modern Indian history. pic.twitter.com/33Qt9x8YZS
These numbers have been recorded as the highest growth rate since economic liberalisation in 1991. The highest growth rate since independence was achieved by the Rajiv Gandhi government in 1988-99 at 10.02 per cent.