Economic Survey reaffirms RBI view on GDP growth rate: BJP

Economic Survey growth figures as a "warning bell" as these came down from 9 to 5%, said Arun Jaitley

The BJP today said the Economic Survey has reaffirmed the RBI contention that GDP growth rate stands at 5% and maintained that the government cannot sustain its poverty alleviation programmes with this rate.

"The Economic Survey has said the GDP growth rate is 5%. This is a matter of serious concern. It brings us close to reality as when the RBI had said growth would be at 5% the government had questioned its veracity. The Survey reaffirms the RBI view," Leader of Opposition in Rajya Sabha Arun Jaitley told reporters.

He termed the Economic Survey growth figures as a "warning bell" as these came down from 9 to 5%.

"The government's poverty alleviation schemes cannot be sustained at 5%. It is about time the polity drew a programme on how to get back to 9% growth. Unless a sustained 9% for a decade poverty cannot be removed and there will not be enough funds to sustain these programmes," Jaitley said.

The main Opposition declared that it will anxiously await the budget of the Finance Minister tomorrow.

Jaitley maintained that government will also have to go for a serious of reforms to ensure "competitive and low cost manufacturing" to meet the international challenge in this sector.

BJP spokesperson Shahnawaz Hussain said the Economic Survey has reflected the reality to the government on the state of the economy.

"This is an eye-opener to the government and exposes it. BJP's charge that growth has slowed down has been proved right. There are no signs of the growth rate reviving under the UPA government," Hussain said.