The Big Picture: Decoding GDP (Source: RSTV)
29th November, 2018 | Duration: 29 min, 33 sec
The government on 28th November, 2018 lowered the country's economic growth rate during the previous Congress-led UPA regime, shaving off over 1 percentage point from the only year when India posted double-digit GDP growth post liberalisation and from each of the three years with 9-plus per cent expansion. Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the Central Statistics Office estimated that India's GDP grew by 8.5 per cent in the financial year 2010-11 and not at 10.3 per cent as previously estimated. Similarly, 9.3 per cent growth rate each in 2005-06 and 2006-07 was lowered to 7.9 per cent and 8.1 per cent respectively, while 7.7 per cent rate was now estimated for 2007-08 instead of 9.8 per cent. At a joint press conference along with Chief Statistician Pravin Srivastava, Niti Aayog Vice-Chairman Rajiv Kumar said variation in two sets of numbers was due to the recalibration of data in certain sectors of the economy, including mining, quarrying and telecom.
Anchor: Frank Rausan Pereira
Guest - Subhomoy Bhattacharjee, Consulting Editor, Business Standard Dr. Arvind Virmani, Former Chief Economic Advisor, Government of India Ajay Dua, Former Secretary, Ministry of Commerce & Industry