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UPA era growth rates revised downward in new back-series data (Lead)
New Delhi, Nov 28 (IANS) The government on Wednesday released the much-awaited back-series estimates for India’s GDP which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology.
As per the data released by the Central Statistics Office (CSO), the maximum growth rate the economy achieved during the UPA years was 8.5 per cent in 2010-11, significantly lower than the 10.3 per cent estimated earlier.
NITI Aayog Vice Chairman Rajiv Kumar said an extensive recalibration exercise using the latest data sources and methodological changes had led to a change in growth rates in the back series.
He said the back series had been checked for its methodological soundness by leading statistical experts in the country during two round tables organised by the NITI Aayog in which domain experts participated to ensure the quality of coverage and methodology.
Chief Statistician Pravin Srivastava said the methodology and concepts incorporated to arrive at the back-series data were consistent with international standards.
“The recalibration exercise led to a change in growth rates in the back series and today’s exercise is a result of comprehensive work,” he said.
In January 2015, the government had moved to a new base year of 2011-12 from the earlier base year of 2004-05 for national accounts. After introduction of the new series, back-series estimates are compiled and released for the years preceding the new base year for completeness and comparability with old base data sets.
As per the data released by the CSO, growth rates for all years between 2005-06 and 2011-12 have been revised downwards — to 7.9 per cent in 2005-06 from 9.3 per cent, 8.1 per cent in 2006-07 from 9.3 per cent, 7.7 per cent in 2007-08 from 9.8 per cent, 3.1 per cent in 2008-09 from 3.9 per cent, 7.9 per cent in 2009-10 from 8.5 per cent, 8.5 per cent in 2010-11 from 10.3 per cent, and 5.2 per cent in 2011-12 from 6.6 per cent.
The growth rate for the years after the new base is estimated to be 5.5 per cent (2012-13), 6.4 per cent (2013-14), 7.4 per cent (2014-15), 8.2 per cent (2015-16), 7.1 per cent (2016-17) and 6.7 per cent (2017-18).
In August, a committee appointed by the National Statistical Commission had submitted in its report that the economy grew at a faster rate during the UPA period compared with the average growth rate during the first four years of the current government. The government responded that it was only a draft seeking comments and was not the final word on the matter.
On the downward revision of UPA era growth rates, the NITI Aayog Vice Chairman said the government had no intention to “mislead or do something purposefully which did not reflect the reality”.
Kumar said the back-series data was “far more superior than the previous one” and that it was internationally comparable and in sync with United Nations System of National Accounts (SNA 2008).
“CSO today released the back series of GDP/GVA for period 2004-05 to 2011-12 with base 2011-12 prices. Used SNA 2008 concepts, latest data sources and indices for the back series. Methodological changes include institutional approach, reference rate method for FISIM (Financial Intermediation Services Indirectly Measured),” the NITI Aayog Vice Chairman said.
“Treatment of trade sector (has been done) using sales tax instead of Gross Trading Income (GTI). Share of primary, secondary sectors (has gone) up in the back series while tertiary sector (has) reduced. Recalibration exercise led to a change in growth rates in back series,” he added.
As per the new data, the share of primary sector in total Gross Value Added (GVA) is higher than that in the earlier 2004-05 series primarily due to changes in the data sources, the government said in a statement.
“The share of secondary sector in total GVA has increased in the back-series compared to the 2004-05 series. The increase is largely due to use of Ministry of Corporate Affairs (MCA) data and public sector data in organised electricity and manufacturing Sectors which was earlier sourced from annual reports of private electricity companies registered with the Central Electricity Authority and Annual Survey of Industries respectively,” it said.
It added that the share of tertiary sector in overall GVA had reduced largely on account of the use of revised methodology and latest survey data sources of unorganised sector in the new base.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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