Punjab finance minister Parminder Singh Dhindsa said the country is in the grip of economic slowdown, which is a result of disoriented policies of Congress-led UPA govt.
He said the economic growth of all the states has been drastically plunged down due to the impractical and paralysed policies adopted by the Centre.
Referring to the statistics of the ministry of statistics, Dhindsa said the comparative analysis of economic growth rate of all the states shows that Punjab had attain targeted economic growth rate for the fiscal year 20110-12.
He said although Punjab was a smaller province, its Gross Domestic Product (GDP) for the year 2011-12 was 1,57,455 crore, whereas the per capita income in the state remained Rs 46,788, which was three time more than per capita income of bigger state like Bihar.
He said that Bihar recorded per capita income Rs 15,268 and its GDP was 1,63,439 crore.
Dhindsa said in some sections in media, the growth rate of Punjab compared with Bihar, which was baseless because growth rate of Bihar is very low, whereas Punjab is developed state and it has much more per-capita income.
He said Punjab was given the target of 5.90 per cent growth rate in the 11th Five Year Plan, whereas the state has attained 6.74 per cent growth rate, which is more than the target.
He said besides Punjab, six other states were successful in attaining the targeted growth rate, but with slighter margin.
He said the growth rate targeted for whole India was 9 per cent in the 11th Five Year Plan, which has come down to the level of 7.86 per cent.
The finance minister said disoriented and worthless economic policies of the Congress-led UPA government had created economic imbalance in the country.
He said the Congress has been drastically failed on all fronts. The steep downfall of stock market and depreciation of rupee was unfortunate, which caused economic staggering in the country, thus increasing the burden on the common man, he added.