GDP growth of 7.8% or 2.5%? Surjit Bhalla, Montek Singh Ahluwalia settle debate
Economists have addressed a public debate regarding the accuracy of India's GDP growth figures following revisions to methodology and base years. The government has defended its statistical practices against opposition claims that the new series misrepresents economic performance.
Why it matters
Accurate GDP reporting is critical for investor confidence and policy formulation in one of the world's fastest-growing major economies.
The government's latest GDP data has sparked a debate over the health of the Indian economy. The Opposition is questioning the accuracy of the numbers, and economists have differing takes on the revisions to earlier data and changes in the methodology used to calculate GDP growth. A debate intensified after Finance Secretary of India, Subhash Chandra Garg. But people had questions on their minds. Ace economists Surjit Bhalla, Montek Singh Ahluwalia and Neelkanth Mishra have now settled the debate.The GDP question gained traction after former Finance Secretary of India, Subhash Chandra Garg, pointed to a revision in the previous year's first-quarter figures.
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