Accusing the government of “inflating” growth rate by using “dubious” data, the CPI(M) on Sunday said such moves to project that the Indian economy was doing well may help in grabbing global headlines
Accusing the government of “inflating” growth rate by using “dubious” data, the CPI(M) on Sunday said such moves to project that the Indian economy was doing well may help in grabbing global headlines but would not help the economic fundamentals.
“We have once again heard the Prime Minister and the finance minister speak about how well the economy is doing and its shining prospects. But nothing will move till public investment is increased in the economy. Changing data-series may help manage global headlines for a while, but won’t help fundamentals,” CPI(M) general secretary Sitaram Yechury said.
“On the basis of highly dubious data-series, our GDP growth rate has been inflated. Many commentators and economists continue to point out the deeply flawed statistical basis of such data projections,” he said in a Facebook post.
Mr Yechury said the government’s 7.4 per cent growth rate came down to 5.2 per cent when calculated on the basis of the older basis points. He said the decline in the fundamental economic indicator — Gross Domestic Capital Formation — meant waning investments in economy.
Plunging industrial production index and manufacturing growth rate between October and November also indicate declining employment generation, the leader said, further charging the Centre with extending tax concessions to corporate sector.
