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Row over GDP data: A credibility deficit in statistics

A growth rate of GDP at 7.3% at constant prices is not only better than the last year of the United Progressive Alliance (UPA) but also makes India the fastest growing economy in the world, but questions remain.

business Updated: Jun 10, 2015 12:47 IST
Is-there-something-else-that-we-ought-to-take-into-account-such-as-the-new-formula-for-calculating-India-s-GDP-a-change-that-was-made-from-last-year-Illustration-Abhimanyu-Sinha
Is-there-something-else-that-we-ought-to-take-into-account-such-as-the-new-formula-for-calculating-India-s-GDP-a-change-that-was-made-from-last-year-Illustration-Abhimanyu-Sinha

The Central Statistics Office (CSO) released its estimate of gross domestic product (GDP) on 29 May. This is the first estimate for a full year after the National Democratic Alliance (NDA) took over. The growth rate of GDP at 7.3% at constant prices is not only better than the last year of the United Progressive Alliance (UPA) but also makes India the fastest growing economy in the world.

Unfortunately, nobody seems to be happy with these numbers. Not only has the Reserve Bank of India (RBI) raised the red flag doubting these numbers in its policy review, even the finance ministry has advised caution while interpreting these numbers.

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