Press Esc to close
Tuesday 31 May 2016
News updated at 9:24 PM IST
Weather
Max: 31.2°C
Min : 21.7°C
In Bengaluru
Sunny day

Mukherjee defends tenure as finance minister from 2009-12

Kolkata, Sep 14, 2013, DHNS:

President Pranab Mukherjee, who exuded confidence on Saturday that the Indian economy would soon bounce back, pointed out that slow growth during his tenure as the Union finance minister was more due to global setbacks and not his policies.

Before ascending to India’s highest office, Mukherjee was in charge of the finance ministry from 2009 to 2012, when the country underwent one of its worst growth periods.

He has recently been under fire from incumbent finance minster P Chidambaram, who blamed him for poor growth. Chidambaram recently told the Rajya Sabha that the dire state of the economy is not just because of global environment but also due to domestic problems, mostly originating during Mukherjee’s tenure.

The president, who was addressing the 160th annual general meeting of the Bengal Chamber of Commerce and Industries here, spoke up for himself. While Rashtrapati Bhavan had earlier issued a communiqué to this note after Chidambaram first raised questions about Mukherjee’s tenure, this is the first time the president came out in his own defence in public.

Voicing concern over the slow economic growth, he said that during 2008-09 the rate came down from above 9 per cent to 6.7 per cent. “Thereafter the economy grew at a rate of 8.7 per cent and 9.3 per cent during 2009-10 and 2010-11 respectively,” he pointed out.

The slump was because world economy was recovering from the downturn of 2008-09, he explained. “Our economy is going through a difficult phase due to slowing down of world economy and persistent crisis in Euro zone. But there is no room for gloom and despondency,” he said.

In further validation of his tenure, Mukherjee said: “Our growth scenario has had a chequered history since 1951 to 1979 when the growth rate was 3.5 per cent, which gradually increased to 7.9 per cent during last decade despite three extremely bad years since 2008-09.”


Go to Top

Photo Gallery
Restoration work in progress after an empty coach derailed off a slow track between Lower Parel...

Restoration work in progress after an empty coach derailed off a slow track between Lower Parel...

People dressed up as famous personalities taking part in the 'Carnival rally' to mark World No...

People dressed up as famous personalities taking part in the 'Carnival rally' to mark World No...

Police personal pay a final tribute to mortal remains of De Javaregowda, at Kuvempu Vidyavardhaka..

Police personal pay a final tribute to mortal remains of De Javaregowda, at Kuvempu Vidyavardhaka..

Couples embrace along the shores of the Arabian Sea in Mumbai, India ...

Couples embrace along the shores of the Arabian Sea in Mumbai, India ...

Children wear masks during an awareness campaign on 'World No Tobacco' day in Kolkata...

Children wear masks during an awareness campaign on 'World No Tobacco' day in Kolkata...

A view of Jawaharlal Nehru Planetarium in Bengaluru on Tuesday...

A view of Jawaharlal Nehru Planetarium in Bengaluru on Tuesday...

Bollywood actress Huma Qureshi performs at the CEAT Cricket Rating awards night in Mumbai...

Bollywood actress Huma Qureshi performs at the CEAT Cricket Rating awards night in Mumbai...

Bollywood actress Jacqueline Fernandez with Malaika Arora Khan on the sets of a TV show...

Bollywood actress Jacqueline Fernandez with Malaika Arora Khan on the sets of a TV show...

HP Chief Minister Virbhadra Singh addresses a Youth Congress rally in Mandi ...

HP Chief Minister Virbhadra Singh addresses a Youth Congress rally in Mandi ...

Stranded passengers facing a harrowing time due to 'rail roko' protest by the activists of Hills ...

Stranded passengers facing a harrowing time due to 'rail roko' protest by the activists of Hills ...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523