In February 2015, India’s Central Statistical Office (CSO) revised the methodology for calculating the country’s gross domestic product (GDP). The new methodology is more in line with international standards. At that time, the CSO revised GDP growth estimates for FY12 (financial year 2011-12), FY13, FY14, and FY15. The CSO promised to revise the GDP data for earlier years. From a policy perspective, this is necessary in order to compare current growth with that in the past years. But more than three years later, the CSO has still not provided it. This is unconscionable as it creates credibility problems for the data that the Indian government puts out. The government must explain why it has failed to publish the full GDP growth time series. Countries around the world update their GDP methodologies but, unlike India, many countries have no problem revising past data.
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First Published: Sat, June 16 2018. 07:00 IST