Concerns on New GDP series
Data is the new oil in the modern networked economy in pursuit of socio-economic development. The economics now is deeply rooted in data, measuring and impacting competitiveness, risks, opportunities and social welfare in an integrated manner, going much beyond macroeconomics. Growth story :The IMF now expects India to grow at 4.8 per cent this fiscal year, marginally lower than the 5 per cent projected by the National Statistical Office. Issue :GDP growth rates during the last few years may have been overestimated by 0.36 to 2.5 percentage points. Also Recently The International Monetary Fund in its latest report has pointed out discrepancies in calculating deflation, which is used to convert GDP at current prices to constant prices What is change took place in GDP? Two things changed in the new series, the base year as well as the database. Change of base year is a common occurrence and is done to take into consideration the changing times and the outlook of the economy. ...
Comments
Post a Comment