In the midst of a raging controversy over India's economic growth under the new GDP series, former Chief Economic Adviser Arvind Subramanian has said India is grossly overestimating its GDP growth rate.
India lost its spot as the fastest growing major economy to China, clocking a disappointing 5.8% in the January-March quarter as a chill in domestic and global consumer demand hit manufacturers and service providers. The sub-6 percent growth of Q4 is the slowest in five years. The economy had grown 6.6% in the third quarter, 7.1% in second and 8.2% in the first quarter.
The annual rate of inflation based on wholesale price index stood at 3.07 per cent in April compared to 3.18 per cent in March, the government said on Tuesday. It was 3.62 per cent in April last year, according to a statement released by the Ministry of Commerce and Industry.
Retail inflation rose marginally to 2.92 per cent in April, mainly due to spike in food prices. The inflation based on Consumer Price Index (CPI) 2.86 per cent in the previous month and 4.58 per cent in April 2018, said the data released by the Central Statistics Office (CSO). As per the data, the inflation in the food basket was 1.1 per cent in April, up from 0.3 per cent in March. (Text: PTI)
India's industrial production contracted by 0.1 per cent in March this year, the lowest in 21 months, mainly due to manufacturing sector slow down, official data showed Friday. Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 5.3 per cent in March 2018, according to data released by the Central Statistics Office (CSO).
A government agency report has cast fresh doubts on India's economic growth figures, in a blow to Prime Minister Narendra Modi as he seeks re-election in ongoing polls. Data compiled by India's National Sample Survey Office (NSSO) found that there were significant gaps in how the growth figures of Asia's third-largest economy are calculated. Reacting on this, former Finance Minister P Chidambaram said "It is now in the public domain that the MCA data is full of holes. NSSO has found that 35% of the companies in the MCA-21 data base are bogus companies. The growth figures are a sham and what the government has done is a scam."
The growth of eight core sectors improved marginally to 4.7 per cent in March 2019 against 4.5 per cent in the same month last year. For the full 2018-19 fiscal, the expansion rate of eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- remained flat at 4.3 per cent, official data released Tuesday showed.
Wholesale price-based inflation rose for the second consecutive month to 3.18 per cent in March on costlier food and fuel, government data released Monday showed. The Wholesale Price Index (WPI) based inflation was at 2.93 per cent in February. It was 2.74 per cent in March 2018. Inflation in food articles hardened with steep rise in prices of vegetables during March 2019
Industrial output growth slowed to a 20-month low of 0.1 per cent in February, mainly due to contraction in the manufacturing sector, official data showed Friday. Factory output, as measured in terms of the Index of Industrial Production (IIP), had grown by 6.9 per cent in February 2018, according to data released by the Central Statistics Office (CSO). During April-February 2018-19, industrial output grew at 4 per cent as against 4.3 per cent in the same period of the previous fiscal. Meanwhile, IIP growth for November 2018 was revised downwards to 0.2 per cent from 0.3 per cent released earlier.
The growth of eight core sectors slowed down to 2.1 per cent in February due to fall in output of crude oil and refinery products, official data showed Monday. Eight infrastructure sectors -- coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity -- had expanded by 5.4 per cent in February 2018.
In this conversation with ET Now's Supriya Shrinate, former RBI Governor Raghuram Rajan cites 'dissonance' between GDP and employment numbers and calls for an 'outsider' look at the statistics. He says India was never questioned about the credibility of data and there is a need to restore that historical trust. Listen-in.
Net employment generation in the formal sector touched a 17-month high of 8.96 lakh in January, according to the latest EPFO payroll data. The EPFO has been releasing payroll data from April 2018, covering the period starting September 2017. The addition in January was 131 per cent higher as compared with 3.87 lakh EPFO subscribers added in the year-ago month. In September 2017, a net of 2,75,609 jobs were created.
India's factory growth dragged while retail inflation saw an uptick in the data released on Tuesday. Retail inflation rose to a three-month high of 2.57 per cent in February from 2.05 per cent last month on the back of modest spike in food and fuel prices. Industrial production slipped to 1.7 per cent in January 2019 from 2.4 per cent in December 2018, manufacturing index was at 1.3 per cent per cent v/s 2.7 per cent month-on-month.
India's GDP growth has slipped to 6.6 per cent in the third quarter of FY19. The economy had grown 7.1% in the second quarter and 8.2% in the first quarter, logging 7.6% for the first half.
The consumer price inflation (CPI) for the month of January further declined to 2.05 per cent on the back of continued deflation in food items and fall in fuel inflation. Industrial production jumped to 2.4 per cent in December, 2018 from 0.5 per cent in November, 2018 driven mainly by a sharp spike in manufacturing index which rose to 2.7 per cent vs -0.4 per cent month-on-month.
Speaking at a press conference today, Das said that payment of surplus was part of the RBI Act and how the government used the dividend was its prerogative. He said the RBI would follow accounting norms to decide on dividend payout.
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