Arun Kumar, till recently a professor at Jawaharlal Nehru University here, said that in view of negligible industrial growth, drought-like conditions in past years and no substantial increase in profits and wages, the new numbers fall flat from the point of credibility. "Even input costs, that are now low with falling oil prices, were not low in the period 2011-12. Let the statistics office show the growth figures for up to 10 years prior to the base year for us to consider the new series seriously," Kumar said. "GDP growth has been powered only by private consumption and public investment is a concern. The proposed wage hike for government workers may impact plan for next fiscal." The economy continues to send "mixed signals" over growth, while all economic indicators were not yet aligned in pointing to a higher trajectory of growth, it said.
HIGHLIGHTS: * India emerges as fastest-growing large economy; * Real GDP in first half of fiscal grew at 7.2 percent; * Forex reserves of over $352 billion as on the first week of December; * FDI inflows increased to $17 billion in the first half of 2015-16; * Indian basket of crude oils fell below $40 a barrel; * Foreign investment limits raised in defence, real estate and insurance, foreign equity in railways; * Retail and wholesale inflation rates rose in November to 5.41 percent and (-)1.9 percent respectively, largely due to an increase in food prices; * Infrastructure sectors grew at 2.3 percent in the first half of fiscal; * Government lowers GDP growth estimate for fiscal by one percent to 7-7.5 percent. (Reuters photo)