The new measurement method includes under-represented and informal economic sectors
Nearly 100 Indian companies are expected to participate in the EITS ; Photo credit: Visual Photos
New Delhi: India revised up its economic growth to 6.9 per cent from 4.7 per cent in the fiscal year to March 2014 on Friday after the government changed the formula to measure the economy, a move that will make it easier for the government to meet fiscal deficit goals.
The new measurement of gross domestic product (GDP) includes under-represented and informal economic sectors as well as items such as smart phones and LED television sets.
The government also revised its GDP for 2012/13 to 5.1 percent from 4.5 per cent earlier.
New Delhi revises the method of calculating national accounts and other macro data every five years, bringing in a newer base year and adjusting for changes in the economy.
( Source : reuters )
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