Chidambaram said that another reason for this had been "sluggish credit growth", which was 14% during 2013-14 but the average of which has been 8.27% in the four year of NDA's rule.
Taking on the Narendra Modi-led government over the growth rate data, Chidambaram said the current regime inherited an economy that was on the upswing.
The ministry was referring to the new set of economic data put out by a sub-committee of the National Statistical Commission, which said the gross value added (GVA) rose by 10.08 per cent in 2006-07 when Manmohan Singh was Prime Minister.
He said that there was a determined effort by the present BJP-led government to run down the record of the Manmohan Singh government through distortions.
Talking about achievements of Modi government on economic front, Patra said International Monetary Fund described India as the brightest star which will act as the growth engine of global economy. This should be a matter of non-partisan satisfaction to all concerned, but the noise around the new back series data all relate to comparisons of NDA vs UPA economic management.
Chidambaram pointed out that the Congress had been persistently asking for a revision of the previous years' numbers after the Modi government changed the base year from 2004-05 to 2011-12.
"You will recall that the Congress had repeatedly pointed out that, when the base year was changed, the government should follow the healthy worldwide practice and revise the numbers for the previous years", Chidambaram told reporters, adding that there was a "determined effort to run down" the UPA's ten-year track record. Earlier in the day, the Congress cited the back series data to claim superior economic performance under the UPA government's two terms - from 2004 to 2014. "Now, when the data has come, it proves the dictum that truth can not be suppressed forever", he said.
"When the UPA government demitted office, economic growth had recovered to 6.39 per cent (at market prices) in 2013-14".
"Unfortunately, after the first two years, the (NDA) government stumbled and the momentum was lost".
Claiming that "the UPA success story" lifted 140 million people out of poverty, Chidambaram blamed the Modi government for "frittering away the advantage because of demonetisation, flawed implementation of GST and tax terrorism". Besides, the fiscal deficit had been reduced to 4.48% and the current account deficit had been contained at 1.7%. "It slowed down after the boom years", Jaitley said in a Facebook post. "Rupee's exchange rate went into a free fall during May-August 2013, declining nearly 25 per cent in 4 months", Kumar said in another tweet. At that level of investment (GFCF), it is not possible to achieve higher growth rates. "We know it cannot match the average growth rate of UPA-1, but we hope it can catch up with the average growth rate of UPA-2".