Modi's claim of 8.4% growth during NDA regime false: Chidambaram

Finance Minister P Chidambaram on Monday charged Gujarat Chief Minister Narendra Modi with staging a ‘fake encounter with facts’ regarding his claims of economic growth during Bharatiya Janata Party-led National Democratic Alliance 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," he said in a statement in New Delhi.

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In contrast, the average growth rate during Congress-led United Progressive Alliance's first term was 8.4 per cent and 7.3 per cent during the first four years of UPA-II, he said.

"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.

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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.