Waited for 3 days to hear from Ankit on this.
India’s Statistical Ministry released a note revising and updating the base .year for GDP. The exercise is nothing new and happens in every country periodically. Though there are some more changes this time. Earlier GDP was reported at Factor cost (sector-wise) and now will be reported at market prices (expenditure method) based on international practices.
However, the recent update raises many questions as India’ growth wasn’t as weak as we were told. The track record of previous government was much better than imagined. Infact the economy was already on an upswing and the recent media tamasha over how economy is improving after the new government was not really true.
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