The Central Statistical Office on Wednesday (28 November) lowered the GDP growth rates for a majority of the previous 10 years of the UPA regime, saying the data has been re-calibrated to reflect a more appropriate picture of the economy.
The GDP growth rates for financial years 2006 to 12 have been revised using new back series data, Chief Statistician Pravin Srivastava said at a press conference today.
According to data released by the NITI Aayog and the government’s statistical office, the economy grew by 8.5 per cent during 2010 to 2011, and not 10.3 per cent estimated earlier.
As per the new series,
2008-09 GDP growth stood at 3.1 per cent (old series estimate-3.9 per cent),
in 2009-10, the GDP growth was 7.9 per cent (old series estimate 8.5 per cent),
and in 2010-11, at 8.5 per cent (old series estimate 10.3 per cent).
The new numbers, now, seem to suggest that the impact of the global financial crisis on the Indian economy was under-estimated while the effects of the measures taken by the then-UPA government to tackle the crisis were exaggerated.
(With inputs from PTI)
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.