Jait­ley re­futes charges on GDP back data se­ries

Data is re­al­is­tic. It is not fic­tional. And this for­mula is glob­ally more com­pa­ra­ble. So what was wel­comed by the UPA in 2015 is now be­ing crit­i­cised in the year 2018, be­cause it re­vises it down­wards, says fi­nance min­is­ter

The Gulf Today - - ASIA -

NEW DELHI: Fi­nance Min­is­ter Arun Jait­ley on Thurs­day re­jected the Congress crit­i­cism of Gross Do­mes­tic Prod­uct (GDP) back se­ries data re­leased on Wed­nes­day as “ma­li­cious and fraud­u­lent jug­glery,” say­ing it was re­al­is­tic and not ic­tional.

“Data is re­al­is­tic. It is not ic­tional. And this for­mula is glob­ally more com­pa­ra­ble. So what was wel­comed by the UPA in 2015 is now be­ing crit­i­cised in the year 2018, be­cause it re­vises it down­wards,” he told re­porters.

He said the CSO was a highly cred­i­ble or­gan­i­sa­tion and it com­pletely main­tains an “arms length dis­tance” from the inance min­istry.

“In fact we also come to know about the data only when it is in­ally re­leased,” he said.

The Congress on Wed­nes­day ac­cused Prime Min­is­ter Naren­dra Modi and Fi­nance Min­is­ter Arun Jait­ley of re­sort­ing to “ma­li­cious and fraud­u­lent jug­glery” of GDP ig­ures to hide the “enor­mous body blow” caused by them to In­dia’s econ­omy.

Con­gressspokesper­son­ran­deeps­ingh Sur­je­w­ala said that “failed Modi­nomics” plus a “pakoda eco­nomic vi­sion” has sunk In­dia’s econ­omy in com­plete tur­moil.

For­mer Fi­nance Min­is­ter P. Chi­dambaram said the Niti Ayog’s re­vised GDP num­bers were “a joke, bad joke and worse than a bad joke’. The num­bers are the re­sult of a hatchet job. Now that the Niti Ayog has done the hatchet job it is time to wind up the ut­terly worth­less body.”

Jait­ley said the GDP growth rate in the last two years--fy 12-13 and FY 13-14-- of the UPA gov­ern­ment, was wel­comed by the peo­ple in the then gov­ern­ment.

“In fact they said that the new GDP se­ries has con­clu­sively re-es­tab­lished that we did not mis­man­age the econ­omy.

“Now in con­tin­u­a­tion of the same ex­er­cise ap­ply­ing the the same yard­stick, the new se­ries has been made ap­pli­ca­ble from FY 2004 or 05. So, the growth on the ba­sis of the new se­ries may be re­vised ei­ther up­ward or down­ward, de­pend­ing on the ap­pli­ca­bil­ity of the data,” he said.

The Fi­nance Min­is­ter said that the for­mula was the same. So while com­par­ing it, the “yard­stick” has to be the same.

The gov­ern­ment on Wed­nes­day re­leased the much-awaited back-se­ries es­ti­mates for In­dia’s GDP which showed a lower rate of growth dur­ing the UPA years be­tween 2005-06 and 2011-12 than what was es­ti­mated us­ing the ear­lier method­ol­ogy.

Arun Jait­ley

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