New Delhi: The back series GDP data released last year captured the structural changes in the economy and provided a better reflection of the macroeconomic aggregates, Parliament was informed on Thursday.
Last year, the Ministry of Statistics and Programme Implementation (MoSPI) and Niti Aayog were criticised over the back series GDP data, which showed that growth during the previous UPA regime was less than what was estimated earlier.
“Back series estimates are based on latest available data, survey results and as per the UN System of National Accounts (SNA) 2008.
“The estimates of back series are better representative of macro economic aggregates of the period for which the estimates have been released," Planning Minister Rao Inderjit Singh said in a written reply in the Rajya Sabha.
“The back series estimates reflect structural changes in economy during the period 2004-05 to 2011-12 in a better way," he added.
The minister was replying to a query on how the Indian economy has benefited from the changed GDP numbers.
Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the Central Statistics Office (CSO) in November last year had lowered the country’s economic growth rate during the previous Congress-led UPA regime.
Economists, including former chief economic advisor Arvind Subramanian, had questioned the involvement of Niti Aayog in release of the GDP back series data and also called for review of the revised numbers by experts to clear doubts.
The minister noted that releasing back series data as per changed methodology of current base year is a requirement for making the earlier series comparable with the current series.
MoSPI has been releasing back series estimates in the past after every base revision, he noted.
The minister said back series estimates are based on the improved methodology of 2011-12, which are in line with UN System of National Accounts (SNA) 2008.