LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » India News

Politicians spar over dodgy economic data as election nears

The ruling Bharatiya Janata Party (BJP) is under fire for the release of new historical GDP figures that significantly downgraded growth during the years the opposition Congress party was in power, replacing old government estimates and those prepared by an independent committee.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Politicians spar over dodgy economic data as election nears
It may be the world`s sixth largest, but most other things about India's economy are up for debate. Image Source: Reuters
Written By: Reuters
Updated: Sat, Dec 01, 2018
01:19 pm
New Delhi, Reuters
RELATED NEWS
UP BJP MLA gets messages from Pakistan on WhatsApp UP BJP MLA gets messages from Pakistan on WhatsApp
BJP crackdown against corruption, leaves 1,000 government employees 'jobless'; latest to suffer is IAS officer Rajiv Kumar BJP crackdown against corruption, leaves 1,000 government employees 'jobless'; latest to suffer is IAS officer Rajiv Kumar
PM Modi birthday celebrated with massive 'laddo' with 370 and 35 A inscribed boldly PM Modi birthday celebrated with massive 'laddo' with 370 and 35 A inscribed boldly
Karnataka floor test: Assembly adjourned over ruckus between Congress-JD-S and opposition BJP members Karnataka floor test: Assembly adjourned over ruckus between Congress-JD-S and opposition BJP members
It's official! Road clear for Modiraj 2; Narendra Modi elected leader of 353 NDA MPs It's official! Road clear for Modiraj 2; Narendra Modi elected leader of 353 NDA MPs

It may be the world`s sixth largest, but most other things about India's economy are up for debate. The ruling Bharatiya Janata Party (BJP) is under fire for the release of new historical GDP figures that significantly downgraded growth during the years the opposition Congress party was in power, replacing old government estimates and those prepared by an independent committee.

The figures, released by the government`s Central Statistics Office (CSO), showed growth in the 10 years of Congress rule to 2014 averaged 6.7 percent, below an average of 7.4 percent under the current government. A previous government estimate had growth under Congress at 7.8 percent. 

P. Chidambaram, a former Congress finance minister, called the release "a joke". In response India`s current finance minister, Arun Jaitley, said the CSO was a credible organisation. The fallout comes at a critical time for Prime Minister Narendra Modi. 

India`s economy grew a weaker-than-expected 7.1 percent in the July-September quarter, from a more than two-year high of 8.2 percent in the previous quarter, government data showed on Friday. 

Watch This Zee Business Video Here:

₹10 लाख में मिलेगा 2BHK फ्लैट? क्या है सस्ते फ्लैट फॉर्मूला जानने के लिए देखिए ये रिपोर्ट। @NaredcoNational @infonaredcohry pic.twitter.com/QIBT5diFNh

— Zee Business (@ZeeBusiness) December 1, 2018

Modi faces a general election next year, when the performance of the economy under his pro-business administration compared with the Congress era is likely to dominate campaigning. 

The spat has also alarmed India`s top statisticians, who have long faced the difficult task of estimating growth and unemployment in an economy with hundreds of millions of informal workers, and dominated its financial press and political cartoons in recent days. 

"The entire episode threatens to bring disrepute to India`s statistical services," said an editorial in Mint, one of the country`s leading business newspapers, on Friday. 

A joke widely circulated on WhatsApp said the government would soon be reinterpreting the last cricket World Cup, in which India crashed out in the semi-finals, to say the country won based on a new methodology. 

COMPETING INTERESTS

Unlike many major economies, India lacks an independent statistical body. An organisation called the National Statistics Commission (NSC) was formed in 2005 with that intention, though it is yet to be recognised as the official body for generating statistics. 

Last year the NSC set up a committee, chaired by economist Sudipto Mundle, to come up with a new set of historical GDP figures. Its report, published in July, showed growth averaged 8.1 percent in the decade before the BJP took power. 

After the figures were cheered by the Congress, the government issued a clarification saying the report "had not yet been finalised and various alternative methods are being explored". Shortly after, the report was pulled from the government`s website. 

"The whole thing has unfortunately become very political," said Mundle, on the battle between the two parties. "It is very troubling."

Attempts to formalise the NSC`s role have been successively stonewalled by both Congress and the BJP, said N R Bhanumurthy, who sat on the committee chaired by Mundle. "They have not shown much interest in making it independent from our government," he said. 

The debate over India`s true level of growth is the latest to frustrate economists looking to measure the performance of the country of 1.3 billion people. 

India has not published its official employment survey since 2015, while a smaller quarterly survey on companies employing more than 10 workers has not been released since March while the government comes up with new methodology. 

Also Watch: NPCI writes letter to department of revenue seeking clarification of GST rules

India`s large informal sector made calculating employment "almost impossible", Bhanumurthy said, leading to a vacuum that was filled with competing political interests.

By: Alasdair Pal

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Bharatiya Janata PartyPM ModiElections
RELATED NEWS
UP BJP MLA gets messages from Pakistan on WhatsApp UP BJP MLA gets messages from Pakistan on WhatsApp
BJP crackdown against corruption, leaves 1,000 government employees 'jobless'; latest to suffer is IAS officer Rajiv Kumar BJP crackdown against corruption, leaves 1,000 government employees 'jobless'; latest to suffer is IAS officer Rajiv Kumar
PM Modi birthday celebrated with massive 'laddo' with 370 and 35 A inscribed boldly PM Modi birthday celebrated with massive 'laddo' with 370 and 35 A inscribed boldly
Karnataka floor test: Assembly adjourned over ruckus between Congress-JD-S and opposition BJP members Karnataka floor test: Assembly adjourned over ruckus between Congress-JD-S and opposition BJP members
It's official! Road clear for Modiraj 2; Narendra Modi elected leader of 353 NDA MPs It's official! Road clear for Modiraj 2; Narendra Modi elected leader of 353 NDA MPs

LATEST NEWS

Pensioners ALERT: RUSH! Last date to submit digital life certificate tomorrow—Avail doorstep service from SBI, PNB, BoB and other banks

Stock Market Outlook: Nifty, Bank Nifty crucial levels REVEALED; Anil Singhvi explains key reasons behind massive fall

7th Pay Commission Latest News: Check out these vacancies notified by UPSC; salary up to Rs 1,77,500 plus DA and other allowances

ISRO First Mission in 2021: Indian rocket to launch Brazilian satellite, PM Modi picture on spacecraft, space privatisation and more

CBSE exam 2021: Class 10, 12 students should know THESE 10 points before appearing for board exams

Covid 19 2nd phase vaccination drive from March 1: EXPLAINED! Who are eligible, required photo identity, advance self-registration—All you need to Know

Petrol, diesel prices on February 27: Fuel prices hiked again today—check rates in your cities

West Bengal, Tamil Nadu, Kerala, Assam, Puducherry elections: Not just Voter ID, you can use any of these 11 ID proofs to cast vote

Maharashtra board exams for Classes 12, 10 to begin on April 23, 29

Sovereign Gold Bond Scheme 2021: Issue Price fixed at Rs 4,662/gm

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved