Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

                trigger_error($message, E_USER_WARNING);

            } else {
$response = object(Cake\Http\Response) {

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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68031b7abac4b-trace').style.display = (document.getElementById('cakeErr68031b7abac4b-trace').style.display == 'none' ? '' : 'none');"><b>Notice</b> (8)</a>: Undefined variable: urlPrefix [<b>APP/Template/Layout/printlayout.ctp</b>, line <b>8</b>]<div id="cakeErr68031b7abac4b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68031b7abac4b-code').style.display = (document.getElementById('cakeErr68031b7abac4b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr68031b7abac4b-context').style.display = (document.getElementById('cakeErr68031b7abac4b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr68031b7abac4b-code" class="cake-code-dump" style="display: none;"><code><span style="color: #000000"><span style="color: #0000BB"></span><span style="color: #007700">&lt;</span><span style="color: #0000BB">head</span><span style="color: #007700">&gt;
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-PTI&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;&lt;br /&gt;New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;&lt;br /&gt;In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;&lt;br /&gt;During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;&lt;br /&gt;But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot; title=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uB&#039;,
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;
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In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that..."/>
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                <strong>Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth</strong></h1>
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                <div align="justify">-PTI<br /><br /><em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br /><br />New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br /><br />In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br /><br />During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br /><br />&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br /><br />But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br /><br />India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br /><br />&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br /><br />Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY" title="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br /></div>               </font>
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-PTI&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;&lt;br /&gt;New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;&lt;br /&gt;In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;&lt;br /&gt;During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;&lt;br /&gt;But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot; title=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;subheading&#039; =&gt; &#039;&#039;,
	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Indian Express, 18 July, 2019, https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uB&#039;,
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;
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-PTI

In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that..."/>
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                <strong>Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth</strong></h1>
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                <div align="justify">-PTI<br /><br /><em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br /><br />New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br /><br />In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br /><br />During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br /><br />&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br /><br />But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br /><br />India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br /><br />&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br /><br />Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY" title="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br /></div>               </font>
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		&#039;title&#039; =&gt; &#039;Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-PTI&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;&lt;br /&gt;New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;&lt;br /&gt;In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;&lt;br /&gt;During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;&lt;br /&gt;But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot; title=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-PTI&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;
&lt;br /&gt;
New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;
&lt;br /&gt;
In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;
&lt;br /&gt;
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;
&lt;br /&gt;
But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;
&lt;br /&gt;
&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-PTI

In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-PTI&lt;br /&gt;&lt;br /&gt;&lt;em&gt;In a new paper &#039;Validating India&#039;s GDP Growth Estimates&#039;, Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. &lt;br /&gt;&lt;br /&gt;New Delhi: &lt;/em&gt;Sticking to his analysis that India&amp;rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.&lt;br /&gt;&lt;br /&gt;In a new paper &amp;lsquo;Validating India&amp;rsquo;s GDP Growth Estimates&amp;rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.&lt;br /&gt;&lt;br /&gt;During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &amp;ndash; export collapse, twin balance sheet problem, drought, and demonetisation.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&amp;rdquo; he wrote.&lt;br /&gt;&lt;br /&gt;But the new GDP series, adopted in 2015, suggested that &amp;ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&amp;rdquo; he asked.&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.&lt;br /&gt;&lt;br /&gt;&amp;ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &amp;ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&amp;rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot; title=&quot;https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;
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-PTI

In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

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                <strong>Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth</strong></h1>
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                <div align="justify">-PTI<br /><br /><em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br /><br />New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br /><br />In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br /><br />During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br /><br />&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br /><br />But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br /><br />India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br /><br />&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br /><br />Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY" title="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br /></div>               </font>
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-PTI<br />
<br />
<em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br />
<br />
New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br />
<br />
In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br />
<br />
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br />
<br />
&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br />
<br />
But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br />
<br />
India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br />
<br />
&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br />
<br />
Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br />
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-PTI

In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...',
	'disp' => '<div align="justify">-PTI<br /><br /><em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br /><br />New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br /><br />In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br /><br />During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br /><br />&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br /><br />But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br /><br />India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br /><br />&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br /><br />Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY" title="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br /></div>',
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	'title' => 'Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth',
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-PTI<br />
<br />
<em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br />
<br />
New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br />
<br />
In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br />
<br />
During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br />
<br />
&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br />
<br />
But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br />
<br />
India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br />
<br />
&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br />
<br />
Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br />
</div>',
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-PTI

In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. 

New Delhi: Sticking to his analysis that...'
$disp = '<div align="justify">-PTI<br /><br /><em>In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. <br /><br />New Delhi: </em>Sticking to his analysis that India&rsquo;s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators.<br /><br />In a new paper &lsquo;Validating India&rsquo;s GDP Growth Estimates&rsquo;, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis.<br /><br />During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks &ndash; export collapse, twin balance sheet problem, drought, and demonetisation.<br /><br />&ldquo;Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,&rdquo; he wrote.<br /><br />But the new GDP series, adopted in 2015, suggested that &ldquo;despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?&rdquo; he asked.<br /><br />India&rsquo;s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent.<br /><br />&ldquo;In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully &ndash; and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,&rdquo; he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers.<br /><br />Please <a href="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY" title="https://indianexpress.com/article/india/arvind-subramanian-rubbishes-govt-arguments-sticks-to-claim-of-india-overestimating-gdp-growth-5836606/?fbclid=IwAR0xZdu9R_uBqKBgupPuFIIHYaA3BGORyiriK4A-xoHajpjogo5oUQposVY">click here</a> to read more. <br /></div>'
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Former CEA rubbishes government arguments; sticks to claim of India overestimating GDP growth

-PTI In a new paper 'Validating India's GDP Growth Estimates', Arvind Subramanian said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. New Delhi: Sticking to his analysis that India’s economic growth has been overestimated, Arvind Subramanian said he had raised doubts about the GDP numbers in 2015 when he was the chief economic adviser of the Modi government as he found inconsistency between projected growth and other macro indicators. In a new paper ‘Validating India’s GDP Growth Estimates’, the former CEA said he had indicated his doubts on the growth numbers in the Economic Survey in 2015 as well as mid-year Economic Analysis. During 2011-2016, the period he deduced to have seen GDP growth being overestimated by 2.5 percentage points, the Indian economy was hit by a series of shocks – export collapse, twin balance sheet problem, drought, and demonetisation. “Growth in real credit to industry collapsed, falling from 16 per cent to minus-1 per cent, mirrored in the official figures for real investment growth, which declined from 13 per cent to 3 per cent; Real exports fell from 15 per cent to 3 per cent; Overall real credit slowed from 13 per cent to 3 per cent; and real imports slowed from 17 per cent to minus 1 per cent,” he wrote. But the new GDP series, adopted in 2015, suggested that “despite all these large shocks, economic growth declined by very little, slipping from 7.7 per cent to 6.9 per cent. This situation invites a question: is it really possible that these five large adverse shocks had such little impact on GDP growth?” he asked. India’s gross domestic product (GDP) growth rate between 2011-12 and 2016-17 should have been about 4.5 per cent instead of the official estimate of close to 7 per cent. “In January 2015, the CSO released new estimates using a new base year (2011-12 versus 2004-05), new data and new methodology. My team and I reviewed these estimates carefully – and immediately had questions about the new numbers. We consequently investigated the matter, but still could not find convincing answers, so we began to express our doubts internally and then externally,” he said, pointing to a box he had put in the Economic Survey of 2015 raising doubts on the numbers. Please click here to read more.