New Delhi, Aug 18: As per the revised estimates of GDP growth rate released by the National Statistics Commission (NSC) on Friday, the gross domestic production grew at 10.8 per cent in 2006-07, when the country was governed by the Manmohan Singh-led UPA.

The revised data was formulated by the Real Sector Statistics, a body constituted by the NSC to revise GDP data using 2011-12 prices as the base. Earlier, the prices of 2004-05 were considered as the base, under which, the GDP growth rate for 2006-07 was measured as 9.57 per cent.

Reacting to the release of the official data, the Congress said their governance record has been vindicated. "The GDP backseries data is finally out. It proves that like-for-like, the economy under both UPA terms (10 year avg: 8.1%) outperformed the Modi government (Avg 7.3%)," said the statement issued by the party.

With the revision of data, this marks the only instance in India's post-liberalisation economic history when the country has clocked a double-digit growth.

The second-best record goes back to 1988-89, when the government-led by Rajiv Gandhi registered a 10.2 per cent GDP growth. The numbers, however, were achieved prior to the liberalisation of Indian market in 1991.

The GDP calculation rate was revised in 2017 by the government, after the implementation of the demonetisation drive. The Congress had since been opposing the move as the GDP growth clocked in erstwhile years were not amended as per the amended calculation method.

Although the release of revised GDP data allows the Opposition to take a dig at the current ruling regime, former Finance Minister P Chidambaram had earlier marked apprehensions over the new calculation method, saying it over values the gross domestic production. The margin, by which the GDP growth rate gets hiked, could be up to two per cent, Chidambaram had said.

(The above story first appeared on LatestLY on Aug 18, 2018 12:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).