Published on Thu, Sep 02, 2010 at 09:53 | Source : Reuters
Updated at Thu, Sep 02, 2010 at 09:58
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Govt revises demand data June quarter GDP
India has revised the demand component of its April-June GDP growth data, but has kept the headline number unchanged at 8.8 percent, the Economic Times reported on Thursday.
India has revised the demand component of its April-June GDP growth data, but has kept the headline number unchanged at 8.8 percent, the Economic Times reported on Thursday.
The Central Statistical Organisation nearly tripled the initially estimated growth on the demand side to 10 percent, from 3.7 percent announced on Tuesday, following a raise in private consumption, government expenses and investments, the newspaper said.
Private consumption grew 3.8 percent and not 0.3 percent, government expenditure was raised to 14.2 percent from a negative 0.7 percent, and investment grew 7.6 percent instead of 3.7 percent as originally reported by the CSO, it said.
"There is always a discrepancy in the GDP at factor cost and GDP at market price estimates because of the different price deflators that are used to calculate them," the paper quoted Pronab Sen, former chief statistician of India, as saying.
"For GDP at factor cost, wholesale price index-based inflation is used as a price deflator while for GDP at market price, the consumer price index-based inflation is used."
India's economy grew at its fastest pace in nearly three years in the June quarter, but economists had questioned gaps in the demand- and supply-side data.
"The CSO corrects the figure sometimes because it is on the basis of random surveys. Therefore, there are some errors here and there," the Economic Times quoted Finance Minister Pranab Mukherjee as saying.
