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New Math Puts India’s Economic Growth at 7.5%
A revised approach to calculating gross domestic product says India's economic expanded at an annualized 7.5% in October-December, the government's Statistics Ministry says.
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A revised approach to calculating gross domestic product says India's economic expanded at an annualized 7.5% in October-December, the government's Statistics Ministry says.
The new formula also puts growth in the previous quarter at 8.2%, up from the 5.3% estimated previously.
The government now expects India's GDP to climb 7.4% in the fiscal year ending March 31, outpacing China's expansion. Full-year growth had been forecast at 4.7% under the previous system. The revised rate would be the strongest since India's economy grew 8.7% in 2010-2011.
The new formula aligns more closely with international standards, according to the Statistics Ministry. But economists, including the head of the Reserve Bank of India, are looking for greater "clarity" in the statistics. They point to other economic measures, such as consumer spending, that suggest the country's economy is expanding more slowly.
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