In the ongoing debate over India’s economic numbers, a paper released by the economic advisory council to the prime minister has asserted that India’s GDP estimation methodology stands at par with its global standing as a major and responsible economy. This comes in the wake of former chief economic adviser Arvind Subramanian’s claims of overestimation of India’s GDP growth rate by about 2.5 percentage points per year post-2011. Now five economists, Bibek Debroy, Rathin Roy, Surjit Bhalla, Charan Singh and Arvind Virmani, have rejected Subramanian’s methodology and conclusions, and have even accused the latter of bias against the Central Statistics Office. However, there have been some doubts about India’s economic data. And it is not just the GDP numbers. Earlier this year, leaked NSSO data on unemployment put joblessness at a 45-year high. This too was refuted by the government saying that the unemployment data was incomplete and only a draft. Subsequently, the ministry of statistics and program implementation pegged joblessness at 6.1% — tallying with the NSSO data. But then also the government clarified that the new data could not be compared to past data because a new methodology had been used for the latest survey. All of this… Read full this story
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