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IMF backs India's updated GDP calculation method
The Hindu BusinessLine··2d ago
The International Monetary Fund said India's updated GDP calculation methodology aligns with best practices and matches advice from the Fund's statistics department. Krishna Srinivasan, director of the IMF's Asia and Pacific Department, called the base revision a welcome development in Bangkok. He said MOSPI's work improves GDP statistics. June quarter growth was reported at 7.8 percent.
Prism
What It Means For You
- Official GDP releases now use a methodology the IMF says matches its statistical advice.
- India issued an explanatory note on the revisions for users of the new series.
- Debate over the 7.8 percent June-quarter print remains a political and technical argument at home.
What's Happening
- Srinivasan told reporters the revisions are consistent with IMF statistics-department guidance.
- The IMF Regional Economic Outlook listed India among economies that faced currency pressure after the energy shock.
- Chief Economic Advisor V Anantha Nageshwaran said the new base ends in March 2023 and revised prior quarterly data.
Why the Figures Were Contested
- Former Finance Secretary S C Garg argued last year's figures were compressed to lift the latest print.
- Opposition parties questioned the integrity of the GDP data after Garg's critique.
- Nageshwaran called Garg's approach cherry-picking and defended the MOSPI compilation.
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