A tale of two base years

Click on graphic

India's economy grew 6.6 per cent in 2013-14 against 4.7 per cent estimated earlier, according to new data released on Friday by the government. The new data take 2011-12 as base year, against 2004-05 earlier. The sharpest revisions in growth rates are observed in the mining and quarrying, manufacturing and the trade, repair, hotels and restaurants categories. The revised estimates show that the rate of savings to gross national disposable income declined from 33 per cent in 2011-12 to 30 per cent in 2013-14, while gross capital formation as a percentage of GDP declined from 38.2 per cent in 2011-12 to 32.3 per cent in 2013-14