After Gita Gopinath raises data concerns, Pronab Sen says, India never charged with lack of transparency

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Published: April 10, 2019 7:08:58 PM

Day after the IMF highlighted the need for India to communicate more transparently about its statistics, former chief statistician Pronab Sen said that a charge of lack of transparency hasn’t ever been made about the Indian statistics.

The projections on domestic growth affect IMF’s assessment, he added.

Day after the IMF highlighted the need for India to communicate more transparently about its statistics, former chief statistician Pronab Sen said that a charge of lack of transparency hasn’t ever been made about the Indian statistics, CNBC TV18 reported. The projections on domestic growth affect IMF’s assessment, he added.

Given the significance of its statistics in the global landscape, India should come out with greater transparency on its data, Gita Gopinath, chief economist, International Monetary Fund (IMF) had said.  The methodology that India uses to calculate its GDP growth rate still pose some issues, she added. The global institution is paying close attention to the new numbers that are coming out, she also told CNBC TV18.

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The downward growth projections for India have more to do with the revision of numbers by MoSPI than slowing down activities, IMF had said in its report. Even though Gita Gopinath welcomed changes in the GDP calculation methodology, she also raised concerns over the ‘deflator’ used to calculate the real GDP

“India is projected to be growing over 7 percent both in 2019 and 2020 which makes it one of the fastest growing large economies of the world, which is why it is even more important that the statistics coming out of India are transparently communicated because everybody is watching India at this point” IMF chief economist told CNBC TV18.

Meanwhile, on Tuesday, India trimmed its economic growth forecasts for India by 20 basis points (bps) each from its January predictions to 7.3 per cent for FY20 and 7.5 per cent for the next fiscal. The IMF’s FY20 growth forecast for India is lower than the World Bank’s (7.5 per cent) and the Asian Development Bank’s (7.2 per cent).

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