The first quarter gross domestic product (GDP) at market price has been restated to 10.02% from 3.7% earlier.
According to the Ministry of Statistics, the revision is on account of wrong calculation of GDP deflators. There was an inadvertent use of deflators in the first quarter expenditure estimate.
However according to the ministry, the GDP at factor cost has been estimated correctly at 8.8%.
In an interview with CNBC-TV18, Former Chief Statistician of India, Pronab Sen has earlier said, "The estimates that we make from the production side are in fact very accurate so there is no issue with the 8.8% growth. The difference has actually arisen out of a statistical issue, which is that two different prices are used to get the constant figure. In the case of the production side number we use the WPI, in the case of the expenditure side we use the consumer price index. Now normally the difference between the two indices is about 2% points or so but in this particular quarter as well all know the difference was nearly 8% to 9% and that what's causing the problem."
