New GDP back series data more credible, says Arun Jaitley
The new GDP back series is more inclusive and is far more representative of the Indian economy during 2004-05 to 2011-12, says FM Arun Jaitley
New Delhi: Finance minister Arun Jaitley on Thursday defended the revised economic growth rate numbers for the seven financial years from 2004-05 to 2011-12, saying it is far more credible than the growth portrayed by the earlier series.
Jaitley said the new GDP back series is more inclusive and is far more representative of the Indian economy. The minister also rejected suggestions that the new numbers were in any way influenced by the NDA government.
“The CSO is a highly credible organization. It completely maintains an arm’s length distance from the finance ministry,” said Jaitley. “We come to know about the data only after it is finally released. All individuals who had headed CSO are of the view that this data is far more reflective of the situation in the Indian economy and therefore has far more credibility.”
The minister also said that revision of the GDP estimation methodology is a continuing process and that attempts to discredit it are unwarranted.
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