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Government postpones GDP back series data release

The release of GDP back series data got further delayed. It is likely that the data now get out at the end of December.

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The release of GDP back series data got further delayed. It is likely that the data now get out at the end of December. “During the discussion, experts sought analytical information, which is being worked out. It was, therefore, decided to have a follow-up round-table discussion with experts soon,” said Anna Roy, advisor for data management and analysis at the NITI Aayog said. 

Earlier, The National Statistical Commission Data on back series GDP growth, though only a draft and not final, has generated a lot of political heat. The fact that several other economic parameters, including inflation, fiscal deficit and implementation of policies are better during the current regime, despite slower economic growth, has however given the debate a new twist.

Corruption too appears to be less though there is no data as yet to substantiate it.

N R Banumurthy of National Institute of Public Finance and Policy (NIPFP), who headed the sub-committee of the committee on real sector statistics headed by Sudipto Mundle, told DNA Money that one major outcome of this back series data is that irrespective of which political party headed the government, there is continuity of reforms launched in1991. “It augurs well for the economy to grow at its potential.”

Banumurthy believed that former vice chairman of Niti Aayog Arvind Panagariya is justified in saying that former prime minister Narasimha Rao began big ticket economic reforms, which were pursued vigorously by former PM late Atal Bihari Vajpayee and this together had helped put the Indian economy on a high growth pedestal.

The major outcome of the analysis of the back series GDP growth data is that there is continuity in reforms both during UPA and NDA regimes.

Several economists have argued that the back series clearly showed demonetisation and rollout of the Goods and Services Tax (GST) are two reasons for a temporary slowdown growth under the current regime.

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