Controversy over GDP | What’s in a quantity?

India’s progress figures trigger a debate, with some economists calling them inflated and based mostly on defective calculation, and the government defending them. Where can we truly stand?

Illustration by Nilanjan Das

M G Arun

ISSUE DATE: Oct 30, 2023 | UPDATED: Oct 20, 2023 20:26 IST

When the Union ministry of statistics and programme implementation (MoSPI) released the GDP (gross home product) determine for the primary quarter of the present monetary yr on August 31, it appeared the right prelude to the upcoming G20 summit, which the Narendra Modi-led authorities was eager to showcase as ‘India’s second’. Just a month earlier, the prime minister had declared that India would grow to be the world’s third-largest financial system in his third time period, and the 7.eight per cent GDP progress for the first quarter of FY24, compared to 6.1 per cent within the earlier one (This fall of FY23), seemed to recommend that India was nicely on its option to get there.

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