Montek, PMEAC doubt 5% GDP data

Feb 08, 2013 - Pawan Bali |

Age Correspondent

India’s GDP is pegged to grow in 2012-13 at five per cent, the slowest in a decade, due to sharper than expected deceleration in services, according to the Central Statistical Organis-ation’s advance estimates released on Thursday. This suggests that the slowdown in the Indian economy is much deeper than earlier anticipated.

According to sources, GDP growth for the October to December 2012 period (third quarter) is expected to be around 4.8 per cent. The data for the third quarter will be released on February 28. The GDP had grown by 5.3 per cent in July-September (second quarter) and by 5.5 per cent in April-June (first quarter).
“It is disappointing. My own estimate is when the full year data becomes available it (GDP growth) can be revised upward,” said C. Rangarajan, the chairman of the Prime Minister’s Economic Advisory Council. India had grown by 6.2 per cent in 2011-12.
“I think it (growth projection of five per cent in 2012-13) is very low. I have been told that CSO has taken data from April to November (2012-13) and they just projected it (advance estimates),” said Planning Commission deputy chairman Montek Singh Ahluwalia. He said he doesn’t think that CSO even has the full data for November 2012.

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