GDP numbers: EAC to counter Subramanian's claims

NEW DELHI: The Economic Advisory Council to the PM on Wednesday refuted the claims of former CEA Arvind Subramanian regarding overestimation of GDP numbers and said it is going to pop out with a point-by-point rebuttal in due course.

Subramanian, in a paper, said India's economic growth charge has been hyped up by means of around 2.5 proportion points between 2011-12 and 2016-17 because of a transformation in method for calculating GDP.

Real GDP growth 2.5% less than legit: Ex-CEA Subramanian

India's gross domestic product growth charge has been overstated by means of about 2.5 proportion points in step with year submit 2011, former chief economic adviser Arvind Subramanian has said in a research paper, prompting economists to doubt the scale of the claimed overestimation, and the federal government to shield the information .

The Economic Advisory Council will examine in detail the estimates made in Subramanian's paper and are available out with a point-by-point rebuttal in due course, it said in a commentary.

"At the moment, it is felt that any attempt to sensationalize what should be a proper academic debate is not desirable from the point of view of preserving the independence and quality of India's statistical systems, all of which the former CEA is familiar with," it said.

"These are certainly issues that Dr. Subramanian must certainly have raised while he was working as CEA, though by his own admission, he has taken time to understand India's growth numbers and is still unsure", the EAC-PM added.

GDP data: Govt defends, says estimates in accordance with authorised procedures

Reacting to former chief economic adviser Arvind Subramanian's declare that GDP data will have been hyped up, the govt. has defended the information, pronouncing the estimates launched by means of the ministry are in accordance with authorised procedures, methodologies and to be had data and objectively measure the contribution of more than a few sectors within the economy.

On Tuesday, the ministry of statistics and programme implementation (MoSPI) had said it follows authorised procedures and methodologies for arriving at projections of nationwide income, while rejecting the rivalry of the previous chief economic marketing consultant (CEA).