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How debit, credit cards and ATM cash withdrawal are bellwether for GDP

Debit cards aren't just for the affluent--two-thirds of Indians use them. There is little reason not to track their use to predict economic growth

How debit, credit cards and ATM cash withdrawal are bellwether for GDP

It’s always been a struggle for economists and statisticians to forecast India’s gross domestic product (GDP) correctly, and say where the economy is headed before the official numbers come out. If estimating the GDP is tough, forecasting it in real time is complicated. It involves looking at tens of indicators, such as industrial production, electricity consumption and exports, to arrive at a number. But have you ever experienced this: getting lost while solving a problem and then realising that the solution was sitting right on your desk? A recent study by ...