Finance minister Nirmala Sitharaman NEW DELHI: Finance minister Nirmala Sitharaman Wednesday said that govt is moving to update the base year for calculating GDP to 2022-23 instead of 2010-11 and dismissed concerns over an IMF report’s reference to India’s data quality.The new base, which will also come with a revised basket to goods and services, will reflect the changes in the economy as consumption patterns have changed over the last 15 years. Data based on the new series will be released on Feb 27 with the first advance estimate based on the current base to be released on Jan 7. There will also be changes in the base year for inflation and industrial production next year.India’s economic data has come under scrutiny, and a revamp is seen to be necessary to capture the changes in the digital economy.Recently, IMF in its annual report on India gave negative remarks on quality of data & called for measures to make it more up to date.Responding to the IMF report, which was raised in Lok Sabha, Sitharaman said that the multilateral agency focused largely on India’s overall healthy economic performance.“The ratings given by IMF are part of its report on the Indian economy, which expects India’s GDP to grow at 6.5% in 2025-26. It recognises growth in the private sector, macroeconomic stability and the resilience of the Indian financial sector. These are identified as key drivers of growth. IMF also notes that inflation is well below RBI’s tolerance band and is projected to be 4.3% for the full year. The point of contention was the quality of data on which the ‘C’ grade was given. The ‘C’ grade is assigned to the National Accounts data because it is based on an outdated base year — 2011-12,” she said.She said that govt is in the process of updating the base year. “So, the data currently being used is based on the 2011-12 base year, and it is solely for this reason that we have been given a ‘C’ grade. The IMF report does not question the growth figures,” she said, rejecting opposition’s criticism.Latest data released by NSO, estimated India’s GDP to have grown by scorching 8.2% in the July-Sept quarter, after a robust 7.8% in the first three months of the financial year.End of ArticleFollow Us On Social MediaVideos”Derogatory” BJP Hits Out at Revanth Reddy Over Remarks On Hindu DeitiesOver 70 IndiGo Flights Cancelled Across India as Crew Shortage Triggers Massive Disruption“India’s Diplomacy Has Spine”: Tharoor Praises India’s Assertive Foreign Policy On RussiaRahul–Priyanka Candid Chat Goes Viral As Camera Catches Fun Banter’We Have A Diplomatic Allergy’: Shashi Tharoor Warns India Still Lacks A National Security StrategySanchar Saathi App Row In LS: Cong Flags Privacy Fears, Scindia Says ‘Snooping Not Possible’Rupee Slides To Record Low Of 90 Per Dollar As Trade Uncertainty, Dollar Demand And Oil Costs Spike’Leader Is Bulldozing’: Kharge, Nadda Lock Horns Over TMC MP’s Speech In Rajya SabhaIndia’s Workforce Power Will Keep Growing, Jaishankar Says, As He Takes Down Anti H-1B NarrativesKTR Slams Congress, Says Rahul Gandhi Has No Vision And Is An Albatross Around Opposition’s Neck123Photostories10 best foods to boost muscle growth and strengthSay these 5 nighttime affirmations and watch your life transform in just days5 brutally honest lessons to take from Virat Kohli on how to crush successMalaika Arora’s yoga secrets: 5 beginner-friendly poses for body & mindHow Bhagavad Gita can heal unknown childhood trauma and unlock blockages for success in lifeInside Earth’s forbidden zones:5 deadly and mysterious places where entry is banned8 reasons to have a bowl of pomegranate daily for breakfast5 quotes by William Shakespeare that are like love bombs that hit different every timeFrom ‘Pather Panchali’ to ‘Devdas’: Films that won awards, audiences and critics worldwideWhy Ramayana still guides parenting today: 10 lessons to live by123Hot PicksParliament Winter SessionPutin India VisitWorld NewsGold rate todaySilver rate todayPublic Holidays NovemberBank Holidays NovemberTop TrendingNBA Trade RumorsAPTET Admit CardShedeur SandersRGPV Diploma Result 2025KTET May and June ResultsStephen CurryAmar SubramanyaHarshit RanaTravis TurnerShacarri Richardson
Finance minister Nirmala Sitharaman
NEW DELHI: Finance minister Nirmala Sitharaman Wednesday said that govt is moving to update the base year for calculating GDP to 2022-23 instead of 2010-11 and dismissed concerns over an IMF report’s reference to India’s data quality.The new base, which will also come with a revised basket to goods and services, will reflect the changes in the economy as consumption patterns have changed over the last 15 years. Data based on the new series will be released on Feb 27 with the first advance estimate based on the current base to be released on Jan 7. There will also be changes in the base year for inflation and industrial production next year.India’s economic data has come under scrutiny, and a revamp is seen to be necessary to capture the changes in the digital economy.Recently, IMF in its annual report on India gave negative remarks on quality of data & called for measures to make it more up to date.Responding to the IMF report, which was raised in Lok Sabha, Sitharaman said that the multilateral agency focused largely on India’s overall healthy economic performance.“The ratings given by IMF are part of its report on the Indian economy, which expects India’s GDP to grow at 6.5% in 2025-26. It recognises growth in the private sector, macroeconomic stability and the resilience of the Indian financial sector. These are identified as key drivers of growth. IMF also notes that inflation is well below RBI’s tolerance band and is projected to be 4.3% for the full year. The point of contention was the quality of data on which the ‘C’ grade was given. The ‘C’ grade is assigned to the National Accounts data because it is based on an outdated base year — 2011-12,” she said.She said that govt is in the process of updating the base year. “So, the data currently being used is based on the 2011-12 base year, and it is solely for this reason that we have been given a ‘C’ grade. The IMF report does not question the growth figures,” she said, rejecting opposition’s criticism.Latest data released by NSO, estimated India’s GDP to have grown by scorching 8.2% in the July-Sept quarter, after a robust 7.8% in the first three months of the financial year.
