India is one of the rapidly developing and economically growing countries. As India is making a significant place in the global economic market now, official data released recently shows that India has was growing at its maximum during the time of liberalisation.
The report has been released on the website of the Ministry of Statistics and Programme Implementation (MOSPI) shows that Indian economy clocked a 10.08 per cent growth rate in 2006-07 under the then Prime Minister Manmohan Singh, the highest since the liberalisation of the economy in 1991.
The highest ever growth rate since Independence was recorded at 10.2 per cent in 1988-89 when Rajiv Gandhi was prime minister. The back series data on GDP has been prepared by the Committee on Real Sector Statistics, constituted by the National Statistical Commission.? The report compares growth rates between old series (2004-05) and new series based on 2011-12 prices.?
This is the highest growth rate recorded by the country after the launch of the economic liberalisation programme launched by then Prime Minister P V Narasimha Rao.
"The UPA also delivered the ONLY instance of double-digit annual growth in modern Indian history," it said.
The GDP numbers for the later years too have been revised upwards, according to the report.?
The National Statistics Commission had set up the Committee to recommend suitable measures to strengthen systems and processes for collection, collation and dissemination of these statistics with the possibility for improving timeliness.
With inputs from PTI