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Measuring India’s GDP growth: Unpacking the Analytics & Data Issues behind a Controversy that Refuses to Go Away

Author

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  • Nagaraj, R
  • Srinivasan, T N

Abstract

The Indian Central Statistics Office’s (CSO’s) new series of National Accounts Statistics (NAS) with 2011–12 as the base year—and incorporating methodological changes drawn—from the UN System of National Accounts (SNA)—has been criticized for reporting annual gross domestic product (GDP) growth rates widely different from the older series, and being at variance with other available macroeconomic indicators. Critics have raised many analytical and empirical issues that in their view were not adequately addressed by CSO and which could have caused the discrepancy in growth rates. However, CSO has claimed the new series to be a distinct improvement since it uses new, large, data sources and incorporates advances in methodology. Taking stock of this debate, the paper makes an overall assessment of the new NAS and offers recommendations for going forward.

Suggested Citation

  • Nagaraj, R & Srinivasan, T N, 2017. "Measuring India’s GDP growth: Unpacking the Analytics & Data Issues behind a Controversy that Refuses to Go Away," India Policy Forum, National Council of Applied Economic Research, vol. 13(1), pages 73-128.
    • Handle: RePEc:nca:ncaerj:v:13:y:2017:i:2017-1:p:73-128
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    File URL: https://www.ncaer.org/publication/india-policy-forum-2016-17
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    Citations

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    Cited by:

    1. Chirantan Chatterjee & Eric A. Hanushek & Shreekanth Mahendiran, 2020. "Can Greater Access to Education Be Inequitable? New Evidence from India’s Right to Education Act," NBER Working Papers 27377, National Bureau of Economic Research, Inc.
    2. Rohit Lamba & Arvind Subramanian, 2020. "Dynamism with Incommensurate Development: The Distinctive Indian Model," Journal of Economic Perspectives, American Economic Association, vol. 34(1), pages 3-30, Winter.
    3. Iyer , Tara & Sen Gupta, Abhijit, 2019. "Nowcasting Economic Growth in India: The Role of Rainfall," ADB Economics Working Paper Series 593, Asian Development Bank.

    More about this item

    Keywords

    National Income; National Accounts Statistics; India; GDP Growth; Base Year; Consumption; Saving; Investment; SNA 2008; MCA 21; CSO;
    All these keywords.

    JEL classification:

    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy

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