Today, the "new" official GDP statistics indicate that growth under UPA was actually slower than that registered

New Delhi : The Indian economy has grown more slowly over the UPA years than previously, according to new mbad data of official gross domestic product (GDP) released Wednesday by the Modi government [19659002] According to new data, which use a different methodology for the base year, India recorded a growth of 8.5% in 2010-2011 and not an estimated 10.3% earlier. And in 2007-2008, the economy had grown 7.7% and not 9.8%, previously calculated.

In January 2015, the Central Bureau of Statistics modified the method of calculating GDP by modifying the base year for the calculations from 2004 to 2004. 2005 to 2011-2012. The new methodology has been used by all growth data published from 2015.

What the Center has been slow to publish is what economists call "serial data," which essentially calculates what growth is. India's GDP would have been before 2015 (before

The retrospective data released on Wednesday by the CSO are now downgrading the growth recorded over the UPA years.

Niti Aayog's chief, Rajiv Kumar , stated that the new data published for 2004-2012 based on the reference year 2011-2012 is a "significant improvement both in terms of coverage and methodology."

Table 1: Data from the official back series

Previous NSC estimate

The new official reference The data in the series, however, differ considerably from the estimates published by a subcommittee formed by the National Statistical Commission (NSC) earlier this year. year. The NSC reports to the Ministry of Statistics.

At the time, the NAC committee's budget estimates provoked a political outcry. The report was removed and reissued with a disclaimer. The ministry said the methodology used to calculate the new figures would be refined through subsequent consultations.

"It is stated in this press note that the methodology for the restitution of the GDP series has not yet been finalized and that different methods are being explored," said the Ministry of Finance. Statistics in a press release.

The CNS posterior series estimates, which we can see in the table below, show that the Indian economy has experienced double-digit growth over the years when Manmohan Singh was became prime minister.

Table 2- Unofficial estimates of the NSC posterior series [19659038] Year GDP growth (2011-2012 reference base, market price) 2004-05 8.15% [19659037] 1965-06 9.60% 2006-07 9.70% 2007-08 10.23% 2008-09 4.15% 2009-10 ] 19659037] 2014-15 7.2% 2015-16 7.6% 19659040] 2016-17 7.1% 2017-18 6.7% [19659065] Source: MOSPI, Report of the Committee on Real Sector Statistics

It is difficult to say how the methodology of the NSC Committee for calculating back-series data has been refined and modified after the consultation procedure

Kumar of Niti Aayog however pointed out during a co press conference that the two methods were not comparable

"The method used to retrospect the new data in the series is now different from that used by the statistical commission". says the vice president of the think tank. "The two are not comparable."

According to NAC estimates, the average growth during the UPA (2005-2014) was 8%, while the NDA-II (2014-2018) government was 7.3%.

With new official data released Wednesday by the CSO, the average GDP growth of the UPA is 6.7%, while the average growth recorded under the NDA-II is 7.3%.