GDP grew in double digits twice in UPA era -Asit Ranjan Mishra
The estimates of GDP and other related aggregates for the period 1993-94 to 2013-14 have been calculated by an NSC committee using a so-called production shift method
New Delhi: India’s economy grew in double digits twice during the previous United Progressive Alliance government (UPA) under Prime Minister Manmohan Singh, 10.23% in 2007-08 and 10.78% in 2010-11, according to back series calculations by a committee appointed by the National Statistical Commission.
However, the average gross domestic product (GDP) growth during late Prime Minister Atal Bihari Vajpayee’s time (1998-99 to 2003-04) has been brought down marginally to 5.73% from 5.9%. Vajpayee, who breathed his last on Thursday, was cremated on Friday with full state honours.
A Central Statistics Office spokesperson, however, said these are “indicative and experimental numbers” and final figures based on sectoral data will be calculated in a month’s time.
The calculations have been made by a sub-committee headed by N.R. Bhanumurthy, professor at the National Institute of Public Finance and Policy (NIPFP), within the committee on Real Sector Statistics headed by Sudipto Mundle, emeritus professor at the institute. Bhanumurthy was tasked to link the old and new GDP series through the back series data, which has been missing since the government shifted the base year to 2011-12 from 2004-05. The missing data had made if difficult for economists to make long-term GDP growth forecasts.
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