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Analysis: Prime Minister Modi's 'preparations' to 'surround' the Congress through the 'revised' data of the GDP.

Thursday - November 29, 2018 12:36 pm , Category : WTN SPECIAL
Congress provoked by Modi government’s 'new moves'!
Congress provoked by Modi government’s 'new moves'!

'Back-series' data of GDP releases, Congress gets 'angry' from the revised figures of the GDP of UPA tenure

NOV 29 (WTN) - A move by the Modi government has started questioning on the claims of the UPA government's alleged GDP growth and since then the Congress is targeting the Modi government. Former finance minister P. Chidambaram is angry with Modi government’s new move. In fact, the Modi government has released the back-series data of GDP and more sectors have been included in it. The logic of the Modi government is that this will compute the GDP properly and the right figures will come before the country. But this work of the Modi Government has provoked the Congress.

For your information, let you know that the Modi government has changed the base year of GDP to 2011-2012 instead of base year 2004-05. These data included fresh survey and data from Census. Former Union Minister P. Chidambaram is very angry over this matter, and he has targeted the policy commission very strongly.

Let you know that the Policy Commission's Vice Chairman Rajiv Kumar and MOSPI Secretary Praveen Srivastava yesterday released the revised figures of GDP, in which the data will be based on the year 2011- 12, instead of base year 2004-05. Angered by this, P. Chidambaram tweeted about it, in which he wrote, "Niti Aayog's revised GDP numbers are a joke. They are a bad joke.Actually they are worse than a bad joke. The numbers are the result of a hatchet job."

For your information, let you know that apart from this, new and latest retail and wholesale inflation data has also been added in this. It includes stock brokers, mutual fund companies, SEBI, PFRDA and IRDA. According to Rajiv Kumar, due to changing base year from 2004-05 to the base year 2011-12, a committee had given a gap of 3 lakh crore in GDP.

According to this new series, the GDP for fiscal year 2015 is 7.4 percent, 8.2 percent for FY 2016 and 7.1 percent for FY 2017. At the same time, there was 9.3 percent GDP growth in the previous year according to the old series, which is 7.9 percent in the new series. In the same, financial year 2007, the GDP growth was 9.3 per cent, according to the old series; it decreased to 8.1 per cent. In FY 2008, the GDP in the old series was 9.8 percent which is now 7.7 percent in the new series.

At the same time, the rate of GDP in FY 2009 was 3.9 percent in the old series and 3.1 percent in the new series, according to the old series in FY 2010, the rate of GDP was 8.5 percent and the new series it  went down to 7.9 percent. At the same time, in the FY 2011, the GDP rate was 10.3 percent in the old series, which is now 8.5 percent in the new series. Similarly, the rate of GDP in FY 2012 was 6.6 per cent according to the old series, which is now 5.2 per cent according to the new series.

In fact, P. Chidambaram is upset because GDP figures are showing a decrease in the GDP figures released during the tenure of UPA tenure, due to the formation of the new base year and the inclusion of more sectors. It may be that the motive of the Modi government is to prove that the GDP growth claims that were all during the UPA government were really low whereas the actual figures of GDP would be revealed after implementing the new base year and incorporating more sectors.

With these figures, Modi Government would like to go in the 2019 Lok Sabha elections to prove to the public that in reality the big claims of the GDP, which were shown by the UPA government, are lacking in reality. Angered by this new economic move of the Modi government, the Congress is now looking at what the answer it gives and how it holds its side in front of the public.