'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
This is mainly due to GST impact on manufacturing and subdued farm output.
The technical report of the NSSO has generated controversy following its observation that as much as 36 per cent units forming part of MCA-21 database, used in computing GDP, could not be either identifiable or traceable in the field.
Improved performance of manufacturing, services and trade sectors helped boost GDP
If the real economy is indeed looking up, then it no longer needs hand-holding and fiscal laxity
'India remains a bright spot amid the global slowdown.'
The estimates of national income and growth do not pass the 'smell test'.
The National Council of Applied Economic Research (NCAER) on Thursday lowered the GDP projection for the current fiscal to 4.7-4.9 per cent due to exchange rate depreciation.
This kind of growth will turn India into a $8 trillion economy.
The panel finds 'discrepancy' in the Annual Survey of Industries data.
While the forecast was still lower than what we have been recording over the last few years, it instilled a false sense of comfort that India might still weather the storm better than many other countries.
The new numbers did not apparently pass consistency checks with production, inputs, or movements in the National Stock Exchange.
Poor rainfall has also depleted water reservoirs levels, which is likely to impact the winter crops.
The greatest disconnect lies in the estimates of industrial growth.
The BSE Sensex spurted 130.00 points to end at 35,980.93, while the broader NSE Nifty advanced 30.35 points to 10,802.15.
Agriculture, which accounts for 14% of GDP grew at 3.2% in the quarter
Headed by Urjit Patel, MPC for the fourth straight time kept the repo rate unchanged, at which it lends to the banks, at 6.25 per cent. The reverse repo, at which RBI borrows, will be 6 per cent.
India grew at 7.6% in 2015-16 and at 7.2% in 2014-15.
India's GDP is poised to accelerate to 5.5 per cent in 2014-15 on the back of improved performance in industry and services but it may take some time for the country to reach its potential growth rate, says an Asian Development Bank (ADB) report.
The global rating agency expects the economy to pick up in the next two financial years.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
'Everyone confuses GDP to be a measure of output, when it is actually a measure of income.'
Sensex eneded lower on poor perfromance by financials and IT stocks.
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