Press Esc to close
Tuesday 29 July 2014
News updated at 4:12 PM IST
Weather
Max: 0°C
Min : 0°C
In Bangalore
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
India's Devendro Laishram, left, throws a left jab at Sri Lanka's Madushan Gamage in the ...

India's Devendro Laishram, left, throws a left jab at Sri Lanka's Madushan Gamage in the ...

A Muslim family have their iftar (breaking of fast) meal on the last day of the holy fasting...

A Muslim family have their iftar (breaking of fast) meal on the last day of the holy fasting...

A Muslim woman offers evening prayers on the last day of the holy fasting month of...

A Muslim woman offers evening prayers on the last day of the holy fasting month of...

India's Mandeep Jangra, right, lands a punch on Jamaica's Kestna Davis during their men's...

India's Mandeep Jangra, right, lands a punch on Jamaica's Kestna Davis during their men's...

England's Sam Robson, left, fields the ball beside four other slips ...

England's Sam Robson, left, fields the ball beside four other slips ...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

A Muslim woman performs ablution before having iftar meal on the last day of the holy month...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

Police take top Maoist leader Sabyasachi Panda while taking him to court in Berhampur...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

The launch of Science Express biodiversity special (SEBS) train in New Delhi...

England's Ian Bell hits a shot during the second day of the third cricket test...

England's Ian Bell hits a shot during the second day of the third cricket test...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

Bollywood music director Anu Malik, actor Sonam Kapoor, filmmaker Farah Khan and Pakistani...

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