- State Editions ˅
- Cover Story
- A YEAR OF FEATS
- 150th Anniversary Issue
- Middle India
- Literary Issue Special
- Cinema Issue Special
- Women's Special Issue
- Foreign Policy Special Issue
- for a cause
- Photo feature
- national interest
Data mismatch won’t have any impact on GDP numbers: Anant
Chief statistician T CA Anant has attributed the high level of discrepancies in the second advance estimate of growth to a lag in data availability and stressed that it will not have any bearing on overall GDP.
“These (discrepancies) are because we are doing allocations based on rule of thumb linked to earlier survey and production is based on the current exercise. This mismatch is called discrepancy. It does not have any bearing on the overall GDP,” Anant said in an interview to the news agency.
The second advance estimate, released on February 28, was arrived at by factoring in mismatches or differences of GDP calculated through different methods to the tune of Rs 1.18 lakh crore, or 1 per cent, of the economy. It was Rs 45,407 crore, or 0.4 per cent, of GDP in 2015-16.
The Central Statistics Office has pegged the GDP growth at 7.1 per cent for the current fiscal in the second advance estimate, the same as the first one released in January this year.
Elaborating, Anant said, “It (discrepancies) is simply a reflection of data allocation which we have done on expenditure side... Discrepancy must belong to either consumption or production.”
Asked why the discrepancies were so high this time, he said, “It depends on your production. It happens. As more data become available, the discrepancies will come down.”
He also said, “When we will get full accounting data of companies, the government etc, we are able to reduce the discrepancies to a considerable level. Discrepancies have an identity relation because whatever is produced must be consumed.”
Earlier this week, a parliamentary panel stated that the GDP data based on 2011-12 base year do not reflect the momentum of economic activities across the spectrum and a more realistic methodology is required.
The parliamentary standing committee on finance in its report tabled in Parliament also pointed out that several experts have talked about the possibility of overestimation of GDP for 2016-17 in the wake of demonetisation.
“The new series of National Accounts with 2011-12 as the base year has raised more questions than answers. The GDP data do not seem to reflect the momentum of economic activities across the spectrum.
It is, therefore, imperative that a more realistic computation method be adopted with a view to enhancing the credibility of official statistics,” the panel has said in its report.
Explaining the delay, Anant said, “We use production and expenditure approach. The data availability for these different accounts is different. We get much faster data on production account and somewhere slower data on the expenditure side. Since we have less data on expenditure side, we make allocations based on well laid-out principles.”
He also clarified that discrepancies are typically less in annual accounts than in quarterly ones. They are typically more in advance estimates than in later revisions as more data become available.
- Bharti Airtel to buy Tikona’s 4G business for Rs 1,600 crore 24 Mar 2017 | PNS
- NPA resolution mechanisms need more teeth, says Mundra 24 Mar 2017 | PTI
- Parliamentary panel to summon Urjit Patel again on Apr 20 24 Mar 2017 | PTI
- GST Bills to be introduced in Parliament next week: FM 24 Mar 2017 | PTI
- Amazon, Grofers, Big Basket may invest $695 mn in food retail 24 Mar 2017 | PTI
- SBI Chairman among Fortune’s 50 greatest leaders of the world 24 Mar 2017 | PTI
- Dr. Morepen offers preventive therapy for heart diseases, diabetes 24 Mar 2017 | PNS
- Sebi provides pricing clarity on share issuance to unlisted cos 24 Mar 2017 | PTI
- FinMin, bankers to meet on utilising excess liquidity 24 Mar 2017 | PNS
- Fund mop-up via BSE’s e-book debt platform hits Rs 2 lakh crore 24 Mar 2017 | PTI
Sunday EditionView All
19 Mar 2017 | Rajesh Singh
Is the marginalisation of the two caste-based parties in Uttar Pradesh a harbinger of change — from identity politics to the politics of development? If we take the 2014 and 2017 elections together, that does seem to be the suggestion, writes RAJESH SINGH Understanding an election result as monumental as that of Uttar Pradesh is akin to unravelling a deep thriller plot. The why, when, where, how and what — this...
STATE EDITIONSView All
24 Mar 2017 | PNS | Lucknow
Chief Minister Adityanath Yogi made a surprise inspection of the Hazratganj police station in Lucknow sending police officers in a tizzy on Thursday morning. Soon after, the Chief Minister said that there will be rule of law in UP and no one will be spared if found on the wrong side of law and asked police personnel to work with dedication...