Chidambaram counters Narendra Modi's claim of higher growth under NDA regime

Finance Minister P Chidambaram has charged Gujarat Chief Minister Narendra Modi with staging a "fake encounter with facts" regarding his claims of economic growth during BJP-led NDA being 8.4 per cent and said nothing can be further from truth.

"The average for the six year period (under Atal Bihari Vajpayee government from 1998-99 to 2003-04) was 6.0 per cent and the average for the last five years (1999-2000 to 2003-04) was 5.9 per cent," the minister said in a statement.

In contrast, the average growth rate during Congress-led UPA's first term was 8.4 per cent and 7.3 per cent during the first four years of UPA-II, Chidambaram added.

"The two worst years since the turn of the century were 2000-01 (4.3 per cent) and 2002-03 (4 per cent)," he said, giving out yearly GDP growth rate during the six years of NDA rule under Vajpayee.

Chidambaram's statement was in response to Modi's reported claim of economic growth rate during Vajpayee government being 8.4 per cent.

"Nothing can be further from the truth... I wonder why Shri Narendra Modi should stage a fake encounter with facts. Ultimately, facts will prevail," the finance minister said.

"If there was a golden period of growth, it was the five year period under UPA-1," he added.