Tuesday, 17 May, 2022
HomeEconomyRevisions to economic data a fact & revisions themselves based on facts:...

Revisions to economic data a fact & revisions themselves based on facts: Finance ministry

Economic affairs secretary Subhash Chandra Garg said that revisions to economic statistics for which Modi govt came under fire are based on facts.

Text Size:

New Delhi: India sought to put an end to a controversy about political influence on government data, with a top finance ministry official saying revisions to economic statistics are a fact and the revisions themselves are based on facts.

“It might not appear to be meeting people’s expectations, for some,” Subhash Chandra Garg, the economic affairs secretary in the finance ministry, said in an interview to Bloomberg TV. “But the revision is based on real data.”

Garg’s clarification comes a week after 108 economists from around the world accused Prime Minister Narendra Modi’s administration of deliberately revising or withholding statistics that show his government in poor light. The issue has become a politically sensitive one ahead of elections beginning next month, especially with revisions to gross domestic product data that show economic growth under Modi to be among the fastest ever.


Also read: 108 economists & social scientists accuse Modi govt of blocking unfavourable data


“The results are there for everyone to see,” Garg said, referring to the downward revision in the current financial year’s GDP data. “It’s not that any revision that has been done has positive messages all over.”

In January, a yet to be made public jobs data, reported by the Business Standard newspaper, showed unemployment rate at a 45-year high. The controversy has potential to hurt the credibility of India’s data as well as the image of Modi, who came to power promising to create 10 million jobs every year, and also make investors wary of jobless economic growth.

“Outside investors have higher degree of confidence in India’s performance,” Garg said, adding: “The long term story of India is steady and intact.”


Also read: 131 CAs back Modi govt on economic data, question motives of scholars who criticised it


 

Subscribe to our channels on YouTube & Telegram

Why news media is in crisis & How you can fix it

India needs free, fair, non-hyphenated and questioning journalism even more as it faces multiple crises.

But the news media is in a crisis of its own. There have been brutal layoffs and pay-cuts. The best of journalism is shrinking, yielding to crude prime-time spectacle.

ThePrint has the finest young reporters, columnists and editors working for it. Sustaining journalism of this quality needs smart and thinking people like you to pay for it. Whether you live in India or overseas, you can do it here.

Support Our Journalism

1 COMMENT

  1. It is also a fact that India has been rerated in recent years by foreigners – governments, investors, media.

Comments are closed.

Most Popular

×