Tuesday 18 June 2019
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business-standard - 7 days ago

Economic Advisory Council to PM refutes Arvind Subramanian s GDP claim

Economic Advisory Council to the Prime Minister on Wednesday refuted the claim by former Chief Economic Adviser Arvind Subramanian that the gross domestic product (GDP) growth rate was overestimated by 2.5 per cent between 2011-12 and 2016-17.It is worth noting that the base year of India s income calculations shifted to 2011-12 on the basis of recommendations of several committees with experts in National Income Accounting, said a statement from the Economic Advisory Council. It was on the basis of these recommendations, started in 2008, that the government implemented the change from January 2015. Therefore, it is wrong to suggest that the views of experts have not been taken into account while changing the base year or weights or switching from Annual Survey of Industries (ASI) to Ministry of Corporate Affairs (MCA) 21, it said.The statement added that Subramanian used cross-country regressions to estimate what India s GDP should be. Using cross-country regressions to estimate GDP

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