The GDP growth rates for FY 2006-12 have been revised using new back series data.
The government on Wednesday released the much-awaited back-series estimates for India's GDP which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology. The Congress accused Prime Minister Narendra Modi and Finance Minister Arun Jaitley of "malicious and fraudulent jugglery" to hide the poor state of economy.
Data released by the Central Statistics Office on Wednesday showed that the maximum growth rate in the UPA years was 8.5 per cent in 2010-11, significantly lower than the 10.3 per cent estimated earlier.
NITI Aayog Vice Chairman Rajiv Kumar said an extensive recalibration exercise using the latest data sources and methodological changes had led to a change in growth rates in the back series.
He said the back series had been checked for its methodological soundness by leading statistical experts in the country during two round tables organised by the NITI Aayog in which domain experts participated to ensure the quality of coverage and methodology.
Chief Statistician Pravin Srivastava said the methodology and concepts incorporated to arrive at the back-series data were consistent with international standards.
Here are the LIVE updates on the story:
Arun Jaitley explained the new GDP data through a Facebook post
Mr Jaitley's strong defence of the new data came after the Congress accused him and Prime Minister Narendra Modi of "malicious and fraudulent jugglery" to hide the poor state of economy.
"The new series included the last two years of UPA government's data. In that the data for GDP under UPA went up. At that time, since it showed an improvement, they didn't have a problem. To make it uniform, the new method was implemented right from 2004-05. Now that the data revealed that there was a drop in GDP under UPA, they have a problem with it," Mr Jaitley said.
- The CSO (Central Statistics Office) is a highly credible organisation
- In fact we only get to know the data once it's released
- New data is more credible
GDP data takes into account far greater representation of the Indian economy: Arun Jaitley
- The GDP data takes into account far greater representation of the Indian economy
- The GDP growth in last 2 yrs - curiously at that time revision made it go upward. That time, it was welcomed by people by the then government
Gujarat Congress leader Arjun Modhwadia accused Niti Aayog of being puppet of the Modi government.
Former finance minister Chidambaram, in a series of tweets, called the numbers a "bad joke" and worse. "Niti Aayog's revised GDP numbers are a joke. They are a bad joke," he said in one tweet. "Actually they are worse than a bad joke. The numbers are the result of a hatchet job," he added, calling for disbanding what he called an "utterly worthless body".
The government's back-series data for India's GDP, which downgrades growth during the previous Congress-led UPA's rule, has provoked a new political bust-up.