Indian economy clocked over 10% growth in two years of the UPA government, before and after the global financial meltdown of 2008, showed back series data by a sub-committee under the National Statistical Commission. Indian economy clocked 10.23% and 10.78% growth in 2007-08 and 2010-11 respectively, the data based on new calculation with 2011-12 as the base year showed.
The GDP data is part of a comprehensive report on real sector statistics published on the Ministry of Statistics website. However, this is not yet official data.
As per the calculation, India’s GDP growth was consistently over 8%, which slowed down during the financial crisis in 2008-09, and soon recovered back to 8%. The economic growth, however, fell drastically after 2010-11. The economic growths in the following years were 6.96%, 5.46, and 6.39% respectively.
In 2014, the base year was changed to 2011-12 from 2005-06 for GDP calculation. The then National Statistical Commission Chairman Pronab Sen said that the new series of national accounts with 2011-12 as the base year would include more sectors. It was done to ascertain a more realistic picture of India’s GDP growth.
The base year of calculation of national accounts is changed periodically to adjust to structural changes and to reflect the true picture of the macroeconomy of the country. This year, the Ministry of Statistics again changed the base year for GDP and IIP calculation to 2017-18.
First published on August 17 on http://www.financialexpress.com