Massive miscalculations found in India's GDP data -The Hindu

[Truth Finder]

India will on January 30 revise its Gross Domestic Product (GDP) growth rate for 2011-12 from 6.2 to about 7 per cent. Faulty data earlier underestimated industrial output by about 7 percentage points, sources in the Prime Minister’s Economic Advisory Council told The Hindu . “India has been overstating the slowdown in the economy, this correction will address that.”

The revision in the data assumes significance in the wake of the severe Opposition criticism of the Manmohan Singh government’s performance in economic management.

GDP data for a fiscal undergoes three rounds of revisions; the process takes three years. The Central Statistics Office is scheduled to release the Second Revised Estimate for 2011-12 on January 30. The First Revised Estimate was 6.2 per cent.

The Second Revised Estimate will use the Annual Survey of Industries (ASI) findings in place of the Quick Estimates of the Index of Industrial Production (IIP). The ASI data shows industrial output in 2011-12 grew by 23.6 per cent in nominal and about 15-16 per cent in real terms, the sources said.

The IIP data had “significantly” underestimated the real factory output growth for the year at 2.9 per cent.

2011-12 GDP growth revised up - The Hindu

Actually, our GDP growth rate for 2011-2012 was 7%. Government miscalculated it as 6.2%. Now, Govt. should check this year's data too. Totally opposite to China.India should learn from them.

 

[Sugarcane]

Are you sure that calculation is correct this time?

 

[jarves]

I hope this is true but it wont make much difference.

 

[Truth Finder]

Are you sure that calculation is correct this time?

No. They are all idiots.

 

[Sugarcane]

No. They are all idiots.

Agree.....

 

[IND151]

India will on January 30 revise its Gross Domestic Product (GDP) growth rate for 2011-12 from 6.2 to about 7 per cent. Faulty data earlier underestimated industrial output by about 7 percentage points, sources in the Prime Minister’s Economic Advisory Council told The Hindu . “India has been overstating the slowdown in the economy, this correction will address that.”

The revision in the data assumes significance in the wake of the severe Opposition criticism of the Manmohan Singh government’s performance in economic management.

GDP data for a fiscal undergoes three rounds of revisions; the process takes three years. The Central Statistics Office is scheduled to release the Second Revised Estimate for 2011-12 on January 30. The First Revised Estimate was 6.2 per cent.

The Second Revised Estimate will use the Annual Survey of Industries (ASI) findings in place of the Quick Estimates of the Index of Industrial Production (IIP). The ASI data shows industrial output in 2011-12 grew by 23.6 per cent in nominal and about 15-16 per cent in real terms, the sources said.

The IIP data had “significantly” underestimated the real factory output growth for the year at 2.9 per cent.

2011-12 GDP growth revised up - The Hindu

Actually, our GDP growth rate for 2011-2012 was 7%. Government miscalculated it as 6.2%. Now, Govt. should check this year's data too. Totally opposite to China.India should learn from them.

Thankfully, they are correcting their mistake.

Totally opposite to China.India should learn from them

Its better to have govt which underestimates GDP than vice-versa.

 

[qamar1990]

India will on January 30 revise its Gross Domestic Product (GDP) growth rate for 2011-12 from 6.2 to about 7 per cent. Faulty data earlier underestimated industrial output by about 7 percentage points, sources in the Prime Minister’s Economic Advisory Council told The Hindu . “India has been overstating the slowdown in the economy, this correction will address that.”

The revision in the data assumes significance in the wake of the severe Opposition criticism of the Manmohan Singh government’s performance in economic management.

GDP data for a fiscal undergoes three rounds of revisions; the process takes three years. The Central Statistics Office is scheduled to release the Second Revised Estimate for 2011-12 on January 30. The First Revised Estimate was 6.2 per cent.

The Second Revised Estimate will use the Annual Survey of Industries (ASI) findings in place of the Quick Estimates of the Index of Industrial Production (IIP). The ASI data shows industrial output in 2011-12 grew by 23.6 per cent in nominal and about 15-16 per cent in real terms, the sources said.

The IIP data had “significantly” underestimated the real factory output growth for the year at 2.9 per cent.

2011-12 GDP growth revised up - The Hindu

Actually, our GDP growth rate for 2011-2012 was 7%. Government miscalculated it as 6.2%. Now, Govt. should check this year's data too. Totally opposite to China.India should learn from them.

so with the miscalculation corrected did india gain anything all of sudden? lol
before or after the miscalculation india is still the same.

 

[HRK]

Are you sure that calculation is correct this time?

how can they be wrong ...... you madarsa educated how dare you to question .....

don't u known 'xunia' was introduce to the world by them .....

 

[Raphael]

So if last year's GDP was actually higher than reported, then this year's slowdown is more severe than it seems. Does India have any hope of 5% growth with this new revelation?

 

[Anubis]

Soon Herr Prime Minister of BD will also correct our growth rate to 50%!

 

[OrionHunter]

All these so called growth rates are pointless when the situation on ground remains the same. Except for the likes of the Ambanis and our corrupt politicians, the ordinary souls continue to fight to make both ends meet.

 

[Srinivas]

@Truth Finder Indian GDP is undervalued for sure

 

[Abingdonboy]

All these so called growth rates are pointless when the situation on ground remains the same. Except for the likes of the Ambanis and our corrupt politicians, the ordinary souls continue to fight to make both ends meet.

An excessively simplistic assertion. Of course these things matter to EVERYONE in India, from the very richest to very poorest. 0.8% is 10s of billions of USD. Additionally as far as perceptions are concerned this 0.8% can have a significant effect on how India is seen, it will be easier to attract investment and lending will become cheaper.

 

[sancho]

An excessively simplistic assertion. Of course these things matter to EVERYONE in India, from the very richest to very poorest. 0.8% is 10s of billions of USD. Additionally as far as perceptions are concerned this 0.8% can have a significant effect on how India is seen, it will be easier to attract investment and lending will become cheaper.

That has more to do with the global economy, the global finacial situation, than with Indian growth. India even in the last years is still growing much better than most of the western countries, while FDI is going back, because you don't risk money in times of global crisis. When the global economy is back on track and the investors get more open to investments again, you will see more investments into India as well.

 

[SrNair]

It is good .So more measures will take to ensure considerable growth of our economy