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India is the fastest growing economy: report

DC | PAWAN BALI
Published Feb 10, 2015, 1:14 pm IST
Updated Mar 29, 2019, 8:30 pm IST
The Indian economy grew by 7.5 per cent in the third quarter
India now measures GDP by market prices instead of factor costs; Representational image (Photo: AP)
 India now measures GDP by market prices instead of factor costs; Representational image (Photo: AP)

New Delhi: India has became world’s fastest growing economy, mainly due to change in the way country’s GDP is calculated.  The economy, according to Central Statistics Office (CSO), grew by 7.5 per cent in the third quarter (October-December 2014), faster than 7.3 per cent growth recorded by China in the latest quarter.

If further said that the growth in GDP during 2014-15 is estimated to grow at 7.4 per cent. The supposed “turn-around” in Indian economy has confused many than resulting in any loud cheers. Last month CSO revised India’s growth to 6.9 per cent in the 2013-14 instead of earlier 4.7 per cent. Before the data revision, it was a dominant view that India had seen worst growth in 2013-14. Critics and analysts have pointed out that the high growth now claimed in 2013-14 is not supported by other data.

 

“While the GDP growth estimates of 7.4 per cent for the fiscal 2014-15 look rosy, it is all really confusing thanks to the new methodology and the change in the base year,” said Assocham.

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