New GDP data released by Central Statistics Office contradicts data from the real sectors: Claim reports
The recent data released by the Central Statistics Office says that GDP under the United Progressive Alliance (UPA) Government grew slower than the estimated earlier data. Also, the GDP growth never hit the double digits. This data however has been challenged by the data from the real sectors.
Even the former Finance Minister P Chidambaram said has invited a debate on the revised GDP data that showed ecomic growth during the current NDA regime better than that in the UPA rule. He even termed the revised GDP data series as a “bad joke”.
Nevertheless, Chidambaram's challenge has been accepted by Niti Ayog's vice-chairman Rajiv Kumar on Thurday. He tweeted "Hon. P Chidambaram Ji,challenge accepted.Let’s discuss & dissect back series data.I gave 3 hrs of detailed interview yesterday & it is somewhat disingenuous of you to say that I asked the media to not ask questions. Do give more coherent reasons for ur difficulty with new data."
Hon. @PChidambaram_IN Ji,challenge accepted.Let’s discuss & dissect back series data.I gave 3 hrs of detailed interview yesterday & it is somewhat disingenuous of you to say that I asked the media to not ask questions. Do give more coherent reasons for ur difficulty with new data https://t.co/RxF38JZutx
— Rajiv Kumar 🇮🇳 (@RajivKumar1) November 29, 2018
The current Finance Minister Arun Jaitley has appreciated the new data, stating that the new data is providing greater clarity about the real state of the Indian economy and can easily be used for global comparison.
“Data based on facts and on the best global practices is rejected by the (Congress) Party because it takes away the last of its surviving arguments (that) “my GDP growth was higher than yours,” Jaitley wrote in a Facebook blog titled ‘When The Data Speaks.’
The growth in 2012-13 and 2013-14, when the UPA was in rule went upwards, from 4.7 percent to 5.5 percent and from 5 percent to 6.4 percent.
Chidambaram said then that the new data establishes the fact that UPA had succeeded in reviving the economy before it bowed out of power in 2014.
The new data released on Wednesday calculated GDP in a new way. It showed the compound annual growth rate in GDP at market prices (2011-12 series) under the Narendra Modi government was 7.3% between 2014-15 and 2017-18, higher than the 6.7% and 6.4% in the two terms of the UPA under Manmohan Singh.
First published: 30 November 2018, 12:25 IST