Union Finance Minister has rejected opposition’s criticism of new GDP data series arguing that the new GDP series is more broad-based and is a better reflection of the Indian economy and is globally more comparable.
About:
The Central statistics Office (CSO) changed the way of calculating Gross Domestic Product (GDP) in 2015. GDP growth rate estimates were revised from the year 2012-13 onwards with 2011-12 being the base year.
Now, the CSO and NITI Aayog, in a joint press conference, released the back series data for GDP estimates for 2005-06 to 2011-12.
Findings:
The new numbers show India's economic growth rate averaged 6.7% during the Congress-led UPA regime as compared to 7.3 % under the present government.
Previous numbers had put the average growth rate during the 10-year UPA rule at 7.75%.
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