Decline in economic growth biggest failure of ”economist” PM, alleges BJP

New Delhi, May 31 (ANI): The Bharatiya Janata Party (BJP) on Friday lashed out at the Congress-led UPA Government at the Centre over the Indian economy growing at a decade low of five percent in 2012-2013, and alleged that this is the biggest failure of ”economist” Prime Minister Dr. Manmohan Singh.

BJP spokesperson Prakash said this is the most depressing result.

“Still, the government till last week it was saying that it will be 5.6 (percent), 5.8 (percent), but now it has turned out to be five percent. And, we are heading southward, towards 4.5 percent, that”s more worrying feature,” he added.

Javadekar, on his part, lauded former Prime Minister Atal Bihari Vajpayee for taking the Indian economy to an 8.5 percent growth rate.

” What Atalji inherited in 98 (1998) was 4.5 percent, he took it with his regional leadership and an action plan to the height of 8.5 percent. He handed over 8.5 percent growth rate to the UPA and UPA mis-managed the economy to an extent that they are going out after 10 years of mis-rule with 4.5 percent again. So, this is absolutely unacceptable,” said Javadekar.

“The price rise is not under control, employment opportunities are not increasing, there is complete devastation of economic order and this is the biggest failure of the economist Prime Minister. And therefore, the country is suffering because of UPA”s mismanagement and mis-rule,” he added.

The Indian economy pulled down by poor performance of farm, manufacturing and mining sectors slowed to 4.8 percent in the January-March quarter and fell to a decade”s low of 5 percent for the entire 2012-13 fiscal.

The economic growth or gross domestic product (GDP) had expanded by 5.1 per cent in January-March quarter of last fiscal.

According to data released by the Central Statistical Organisation (CSO) today, the Indian economy had grown by 5.4 percent, 5.2 percent and 4.7 percent in the first, second and third quarters, respectively, of 2012-13. The country had clocked 6.2 percent growth in 2011-12 fiscal.

In January-March quarter of 2012-13, manufacturing sector grew marginally by 2.6 percent, against 0.1 per cent growth in the same period of the earlier fiscal.

During 2012-13, the sector under review grew by a meager one per cent compared to 2.7 percent in the previous fiscal. Mining and quarrying sector contracted by 3.1 percent during the fourth quarter of last fiscal.

Farm sector output expanded by just 1.4 percent in January-March this year, as against 2 percent in the same quarter of 2011-12. The agriculture sector also grew at a slower rate of just 1.9 percent in 2012-13 compared to 3.6 percent in 2011-12. (ANI)