Connect with us

Business

Govt heeds economists’ advice, defers releasing GDP back series data

Agencies

Published

on

IST


New Delhi : Minutes before the back series of gross domestic product (GDP) for the base year 2011-12 was to be released, the NITI Aayog and the Ministry of Statistics and Programme Implementation (MoSPI) on Monday decided to “defer” it. The decision was taken at a meeting between the two along with economists.

“During the discussion, experts sought analytical information, which is being worked out. It was, therefore, decided to have a follow-up round-table discussion with experts soon,” said Anna Roy, advisor for data management and analysis at the NITI Aayog said. The release of the data could have put to rest all speculations that rose after the National Statistical Commission (NSC) came out with its recommendations on the back series data, which showed two years of double-digit growth in the UPA regime.

Sources in government said it was cautious about the data since it pertains to economic growth during previous governments. In addition, they said MoSPI officials were unable to answer queries raised by experts.

 

“The experts said a better understanding of the back series at the disaggregated levels was needed. In addition, the series needs to be substantiated with pertinent data used to formulate it, such as interest rates of previous years, which needs to be obtained from the Reserve Bank of India (RBI). The process would be complete in the next two weeks,” said a senior official. Questions were raised on the methodology, the econometric model and the assumptions made to arrive at the values for previous years. But officials present at the meeting said this was merely a “technical deferral”. Formulating a back series requires several assumptions that have to be substantiated with pertinent data, the officials said.

“Back series formulation is a research exercise involving a multitude of approximations. Whenever there is a considerable divergence between the back series (Base: 2011-12) and the old series (Base: 2004-05), the reasons for it must be clear,” one of the experts present at the consultation said. The CSO is using a variety of data sets for the purpose of creating the back series, including data from MCA-21 — the Ministry of Corporate Affairs data set, Annual Survey of Industries, and the Centre for Monitoring of Indian Economy.

In addition to Chief Statistician Pravin Srivastava, former CSI T C A Anant, former chairman of National Statistical Commission (NSC) R B Barman, former NSC member Manoj Kumar Panda, and Biswanath Goldar, economics professor at the Institute of Economic Growth were some of the experts invited by the NITI Aayog. The meeting was facilitated by Vice-Chairman Rajiv Kumar. The Sudipto Mundle committee on real sector statistics in its report to the NSC in July had devised a back series for the base year 2011-12. This report had created a political storm, since with the new base GDP growth in two of the years under the previous government crossed the 10 per cent mark.

The Mundle report had mentioned that CSO had already formulated ‘tentative’ estimates for the official back series using a variety of data sets. These tentative estimates were sent to the Advisory Committee of National Accounts Statistics for deliberation. These were then finalised, after which the parent ministry MoSPI, in consultation with NITI Aayog, decided to release the data.


Comments

Business

Cabinet clears setting up of centralised GST appellate authority

Agencies

Published

on

New Delhi: The Union Cabinet on Wednesday approved setting up of a centralised Appellate Authority for Advance Ruling (AAAR) under the goods and services tax that would decide on cases where there are divergent orders at the state level.

The setting up of a centralised AAAR would require amendments to the GST Acts. The centralised authority as an appellate body will only take up cases wherein the Authority for Advance Ruling (AAR) of two states have passed divergent orders.

The Goods and Services Tax (GST) Council, headed by Finance Minister Arun Jaitley, and comprising state counterparts, in December decided to establish the centralised AAAR.

 

“The Cabinet has cleared the GST appellate authority,” a source said after the meeting of the Cabinet headed by Prime Minister Narendra Modi.

In view of the confusion created by contradictory rulings given by different AARs on the same or similar issues, the industry had been demanding a centralised appellate authority that could reconcile the contradictory verdicts of different AARs.

Continue Reading

Business

Urbanisation to be big driver of Indian economic growth: Kant

Agencies

Published

on

Davos: Urbanisation will be a big driver of economic growth in India going forward, supported by favourable macroeconomic factors, accelerated infrastructure building and continuing reforms, NITI Aayog CEO Amitabh Kant said.

Speaking here at an event on sidelines of the World Economic Forum Annual Meeting, he also said the Indian economy may even exceed the IMF growth forecast of 7.5 per cent for the country.

Kant said IMF has forecast 7.5 per cent growth for India despite a gloomy outlook for the global economy and this itself is good, though there are expectations that this estimate would be surpassed. He said India is giving a big push to urbanisation with more than 100 smart cities being developed.

 

The country is also using technology in a big way to change the way business and governance is done, he added. Besides a massive infrastructure building is happening, bank credit flow has rebounded and macroeconomic factors like inflation and fiscal deficit are also being supportive, Kant said.

DIPP Secretary Ramesh Abhishek noted that states are competing with each other to attract investments and all political parties have adopted the economic reform process. He listed various reform initiatives undertaken in India, including on areas like ease of doing business, FDI, manufacturing and taxation.

They were speaking at Institutional investors’ breakfast roundtable, organised by the industry chamber CII and Kotak Mahindra Bank. Other participants included CII Director General Chandrajit Banerjee and leaders from Indian and foreign companies.

On questions about some persisting issues in doing business including on tax and insolvency related issues, Abhishek said a lot of efforts have been put in to remove all bottlenecks and starting a business doesn’t take more than a day. Besides, special provisions have been made for startups and angel investors, he added.

Kant said efforts are also being made to remove all physical intervention and digitise the entire process of inter-ministerial and inter-department consultations to fast-track the decisions.

Continue Reading

Business

India will surpass China, says Raghuram Rajan

Agencies

Published

on

Davos: India will eventually surpass China in economic size and will be in a better position to create the infrastructure being promised by the Chinese side in South Asian countries, former RBI Governor Raghuram Rajan said.

Addressing a session on Strategic Outlook for South Asia, Dr Rajan said that the Indian economy would continue to grow while growth rate is slowing down in China.

“Historically, India had a bigger role in the region but China has now grown much bigger than India and has presented itself as a counter-balance to India in the region,” Dr Rajan said at the WEF Annual Meeting 2019.

 

“India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said.

The comments assume significance with China working on a lot of infrastructure projects across the region. In 2017, India became the sixth largest economy with a GDP of $2.59 trillion while China was the second large with a GDP of $12.23 trillion.

At the same session, Nepal PM K.P. Sharma Oli cited collaboration with China as well as India as reasons for the economic growth.

Continue Reading

Latest News

Latest News12 mins ago

Pahari Community gets reservation

JAMMU, JANUARY 24: Governor, Satya Pal Malik today give his assent to the Jammu & Kashmir Reservation (Amendment) Bill, 2014,...

Latest News3 hours ago

EVM row: Not going back to ballot papers, says CEC Sunil Arora

New Delhi, January 24: Amid renewed demands against the use of electronic voting machines (EVMs), Chief Election Commissioner Sunil Arora...

Latest News3 hours ago

Govt gunman-turned-soldier Lance Naik Nazir Wani to be conferred with Ashok Chakra

New Delhi: Lance Naik Nazir Ahmad Wani, who was killed during a gunfight with the militants in south Kashmir’s Shopian...

Latest News4 hours ago

Lolab Avalanche: Bodies of two hunters found

Srinagar: Bodies of two hunters who were swept away by a snow avalanche in Lolab forests of north Kashmir’s Kupwara...

Latest News4 hours ago

Body of Rajouri Man Killed In Saudi Arabia reaches home, family thanks MEA

Rajouri: Nearly a month after he was murdered in Saudi Arabia, the body of Rajouri man, Mohammad Khalil Mirza, was...

Latest News4 hours ago

SC refuses to stay amendment in SC/ST (Prevention of Atrocities) Act

NEW DELHI: The Supreme Court on Thursday refused to stay the amendment in Scheduled Castes and Tribes (Prevention of Atrocities)...

Latest News6 hours ago

Jammu-Srinagar highway closed for fourth consecutive day

Jammu: The Jammu-Srinagar highway will remain closed on Thursday for the fourth consecutive day following fresh snowfall in Bannihal sector,...

Latest News6 hours ago

Two hunters go missing as avalanche hits Lolab forests

Srinagar: Two hunters have gone missing a snow avalanche swept them along in Lolab forests of north Kashmir’s Kupwara district...

Latest News6 hours ago

BJP is family, democracy runs in party: PM’s dig at Priyanka’s political debut

New Delhi: Addressing party workers, PM Modi says for BJP “the party is family” Prime Minister Narendra Modi said  that...

Latest News6 hours ago

Nawaz Sharif’s condition very serious, says doctor

Lahore: Pakistan’s jailed former Prime Minister Nawaz Sharif’s condition is “very serious” after heart complications and he should be shifted...

Subscribe to The Kashmir Monitor via Email

Enter your email address to subscribe to The Kashmir Monitor and receive notifications of new stories by email.

Join 980,653 other subscribers

Archives

January 2019
M T W T F S S
« Dec    
 123456
78910111213
14151617181920
21222324252627
28293031  
Advertisement