RBI: Accounting and accountability

By now it is established wisdom that the UPA government at the Centre massively messed up in its handling of the Indian economy. An equally established consensus is that the UPA government was solely responsible for the decline in GDP growth to heretofore unimaginable levels of only 5.3 per cent year-on-year growth rate observed in January-March 2012. Further, manufacturing year-on-year growth in this quarter was negative for only the second time in the history of quarterly GDP data (since 1996-97). In addition, annual mining growth in 2011-12 was also negative for the first time since 1971.

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