Releasing the survey report after taking into account the expert committee recommendations, Statistics Secretary Pravin Srivastava told reporter, "It is a new design and a new matrix. It would be unfair to compare it with the past. This 45- year high is your interpretation. I don't want to claim that it is 45-year low or high."
Though the ministry is considering 2017-18 as the new base year, no decision has been taken as the committees of experts are awaiting some more data before finalising their opinion.
While India's GDP growth slowed to five-year low of 5.8% in Q4, China grew at 6.4%.
Niti Aayog vice-chairman Rajiv Kumar said that the two major constraints being faced by the investors are less availability of finance and high interest rates.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
'A growth of above 7 per cent when the fundamentals of the economy are becoming stronger still makes India the fastest growing large economy.'
Most economists were of the view that the NSSO should release the data, as any move to withhold it will dent the image of country's statistical system.
Concerned with the continuous downward revision, the EPFO has since last month begun counting people quitting their previous jobs and joining a new one as an addition to the net payroll.
A government panel examined the records of employees surveyed by Labour Bureau's quarterly enterprises surveys and mapped it with the EPFO's subscribers and found "unexplained variations" between the two.
The lockdown in India has been a timely, graded, proactive and pre-emptive public health measure to fight the COVID-19 pandemic and has been part and parcel of the government's overall strategy, Dr V K Paul, Member (Health), NITI Aayog, and Chairman, Empowered Group 1, said at a media briefing on the COVID-19 situation.
Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the Central Statistics Office estimated that India's GDP grew by 8.5% in the financial year 2010-11 and not at 10.3% as previously estimated.
The new numbers show India's economic growth rate averaged 6.7 per cent during the Congress-led United Progressive Alliance regime as compared to 7.3 per cent under the present government. Previous numbers had put the average growth rate during the 10-year UPA rule at 7.75 per cent.
With the two members quitting, the NSC now has only two members -- Chief Statistician Pravin Srivastava and NITI Aayog CEO Amitabh Kant.
The Unnao gold hunt is an exercise in softening Hindu sentiments in the bigger dig for votes in Uttar Pradesh in 2014
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances