GDP back series HIGHLIGHTS: In its first reaction after the GDP back series data that marked down the growth rates in the major part of the UPA era was released yesterday, government said that it’s wrong to question CSO data. “……don’t think any service is being rendered by those who discredit CSO. CSO is a credible organisation & maintains an arm’s length distance from the finance ministry,” Finance Minister Arun Jaitley said.
According to the new methodology, the average growth rate during the UPA-II regime between 2008-09 and 2012-13 has been revised at 6 percent, while the average growth rate in subsequent five years under the NDA stands at 7.12 percent.
The growth in 2008-09 plunged to 3.1 percent compared to the old series estimate of 3.9 percent, the data said. In 2009-10, GDP growth was at 7.9 percent as per the new series as against the 8.5 percent estimated under the old series. In 2010-11, the new series showed growth at 8.5 percent compared to the estimate of 10.3 percent under the old series.