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India’s Economy Expands 7.5%
India's economy grew 7.5% in the first three months of 2015 compared with the same period last year, according to the government's new way of calculating gross domestic product.
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India's economy grew 7.5% in the first three months of 2015 compared with the same period last year, according to the government's new way of calculating gross domestic product.
The new formula, which was introduced in January, indicates India's economy expanded 7.3% for the full fiscal year ended March 31. That rate compares with China's 7.4% growth in calendar 2014.
India's Central Statistics Office revised year-on-year growth rates for the second and third fiscal quarters last year to 6.6% from 7.5% for October-December and to 8.4% from 8.2% for July-September.
Economists remain uncertain about the accuracy of India's new approach to calculating GDP. Shilan Shan at Capital Economics Ltd. declares the official estimate overstates the strength of India's economy "probably by a significant margin."
The government's new formula ignores such traditional economic indicators as exports and factory output, according to analysts. They point out the rosy results belie a weak agricultural sector and sharp declines in car sales and bank lending activity in the country.
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