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
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

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('cakeErr67efbe3776ccb-trace').style.display = (document.getElementById('cakeErr67efbe3776ccb-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="cakeErr67efbe3776ccb-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67efbe3776ccb-code').style.display = (document.getElementById('cakeErr67efbe3776ccb-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67efbe3776ccb-context').style.display = (document.getElementById('cakeErr67efbe3776ccb-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67efbe3776ccb-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;
</span></span></code>
<span class="code-highlight"><code><span style="color: #000000">&nbsp;&nbsp;&nbsp;&nbsp;&lt;link&nbsp;rel="canonical"&nbsp;href="<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">Configure</span><span style="color: #007700">::</span><span style="color: #0000BB">read</span><span style="color: #007700">(</span><span style="color: #DD0000">'SITE_URL'</span><span style="color: #007700">);&nbsp;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$urlPrefix</span><span style="color: #007700">;</span><span style="color: #0000BB">?&gt;&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">category</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">slug</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>/<span style="color: #0000BB">&lt;?php&nbsp;</span><span style="color: #007700">echo&nbsp;</span><span style="color: #0000BB">$article_current</span><span style="color: #007700">-&gt;</span><span style="color: #0000BB">seo_url</span><span style="color: #007700">;&nbsp;</span><span style="color: #0000BB">?&gt;</span>.html"/&gt;
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</span></span></code></pre><pre id="cakeErr67efbe3776ccb-context" class="cake-context" style="display: none;">$viewFile = &#039;/home/brlfuser/public_html/src/Template/Layout/printlayout.ctp&#039;
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		&#039;title&#039; =&gt; &#039;Holes in DeMo armour&#039;,
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Telegraph, 1 March, 2017, https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&#039;,
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;
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Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
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Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact..."/>
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                <strong>Holes in DeMo armour</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br /><br />But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br /><br />The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br /><br />If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br /><br />The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br /><br />The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br /><br />This is the fact that the CSO's sleight of hand has tried to mask.<br /><br />&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br /><br />Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br /><br />&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br /><br />Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m" title="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br /></div>               </font>
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    <link rel="canonical" href="https://im4change.in/<pre class="cake-error"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67efbe3776ccb-trace').style.display = (document.getElementById('cakeErr67efbe3776ccb-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="cakeErr67efbe3776ccb-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr67efbe3776ccb-code').style.display = (document.getElementById('cakeErr67efbe3776ccb-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr67efbe3776ccb-context').style.display = (document.getElementById('cakeErr67efbe3776ccb-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr67efbe3776ccb-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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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
&lt;/div&gt;&#039;,
	&#039;credit_writer&#039; =&gt; &#039;The Telegraph, 1 March, 2017, https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&#039;,
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact..."/>
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                <strong>Holes in DeMo armour</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br /><br />But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br /><br />The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br /><br />If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br /><br />The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br /><br />The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br /><br />This is the fact that the CSO's sleight of hand has tried to mask.<br /><br />&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br /><br />Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br /><br />&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br /><br />Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m" title="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br /></div>               </font>
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-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;,
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	&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Telegraph&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;
&lt;br /&gt;
But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;
&lt;br /&gt;
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;
&lt;br /&gt;
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;
&lt;br /&gt;
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;
&lt;br /&gt;
This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;
&lt;br /&gt;
Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;
&lt;br /&gt;
&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-The Telegraph&lt;br /&gt;&lt;br /&gt;&lt;em&gt;Mumbai: &lt;/em&gt;Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.&lt;br /&gt;&lt;br /&gt;But analysts have started to focus attention on how the Central Statistics Office (CSO) &amp;quot;cooked&amp;quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.&lt;br /&gt;&lt;br /&gt;The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.&lt;br /&gt;&lt;br /&gt;If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.&lt;br /&gt;&lt;br /&gt;The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.&lt;br /&gt;&lt;br /&gt;This is the fact that the CSO&#039;s sleight of hand has tried to mask.&lt;br /&gt;&lt;br /&gt;&amp;quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&amp;quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.&lt;br /&gt;&lt;br /&gt;Ghosh claims in his note that some of the numbers beneath the surface &amp;quot;signify the impact of demonetisation&amp;quot;.&lt;br /&gt;&lt;br /&gt;&amp;quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&amp;quot; the note adds.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot; title=&quot;https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m&quot;&gt;click here&lt;/a&gt; to access. &lt;br /&gt;&lt;/div&gt;&#039;
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact..."/>
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                <strong>Holes in DeMo armour</strong></h1>
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                <div align="justify">-The Telegraph<br /><br /><em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br /><br />But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br /><br />The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br /><br />If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br /><br />The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br /><br />The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br /><br />This is the fact that the CSO's sleight of hand has tried to mask.<br /><br />&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br /><br />Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br /><br />&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br /><br />Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m" title="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br /></div>               </font>
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-The Telegraph<br />
<br />
<em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br />
<br />
But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br />
<br />
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br />
<br />
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br />
<br />
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br />
<br />
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br />
<br />
This is the fact that the CSO's sleight of hand has tried to mask.<br />
<br />
&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br />
<br />
Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br />
<br />
&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br />
<br />
Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br />
</div>',
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...',
	'disp' => '<div align="justify">-The Telegraph<br /><br /><em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br /><br />But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br /><br />The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br /><br />If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br /><br />The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br /><br />The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br /><br />This is the fact that the CSO's sleight of hand has tried to mask.<br /><br />&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br /><br />Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br /><br />&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br /><br />Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m" title="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br /></div>',
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-The Telegraph<br />
<br />
<em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br />
<br />
But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br />
<br />
The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br />
<br />
If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br />
<br />
The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br />
<br />
The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br />
<br />
This is the fact that the CSO's sleight of hand has tried to mask.<br />
<br />
&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br />
<br />
Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br />
<br />
&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br />
<br />
Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br />
</div>',
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$metaTitle = 'LATEST NEWS UPDATES | Holes in DeMo armour'
$metaKeywords = 'Demonetisation,GDP estimates,GDP growth,GDP growth rate,Central Statistics Office (CSO)'
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-The Telegraph

Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact...'
$disp = '<div align="justify">-The Telegraph<br /><br /><em>Mumbai: </em>Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy.<br /><br />But analysts have started to focus attention on how the Central Statistics Office (CSO) &quot;cooked&quot; the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is.<br /><br />The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year.<br /><br />If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent.<br /><br />The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent.<br /><br />The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year.<br /><br />This is the fact that the CSO's sleight of hand has tried to mask.<br /><br />&quot;The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures,&quot; Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today.<br /><br />Ghosh claims in his note that some of the numbers beneath the surface &quot;signify the impact of demonetisation&quot;.<br /><br />&quot;Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17,&quot; the note adds.<br /><br />Please <a href="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m" title="https://www.telegraphindia.com/1170302/jsp/frontpage/story_138560.jsp#.WLf7YvL71_m">click here</a> to access. <br /></div>'
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Holes in DeMo armour

-The Telegraph Mumbai: Prime Minister Narendra Modi could well choose to crow about the 7 per cent GDP growth in the third quarter of 2016-17 which, he believes, has blunted criticism about his demonetisation drive and its widely anticipated crippling impact on the economy. But analysts have started to focus attention on how the Central Statistics Office (CSO) "cooked" the numbers of the third quarter of 2015-16 to make the growth rate in the troubled, post-demonetisation third quarter look rosier than it actually is. The GDP estimate for the third quarter of 2015-16 was cut to Rs 28,30,760 crore -which was Rs 1,75,554 crore lower than the original estimate of Rs 28,52,339 crore put out in February last year. If the original GDP estimate for the relevant period in 2015-16 had been used in the calculations, the GDP growth in the third quarter of this fiscal would be just 6.2 per cent. The GDP figure for Q3 of 2015-16 was slightly revised in May last year, when the provisional estimates came out, to Rs 28,51,682 crore. If this figure was used, the GDP growth in the latest quarter would again remain at 6.2 per cent. The GDP growth rate in the third quarter of 2015-16 works out to 7.3 per cent with the original estimate and 7.2 per cent with the revised estimate of May 2016. That means the 6.2 per cent growth in the third quarter of this year is a full 1 percentage point lower than that in the same quarter of the previous year. This is the fact that the CSO's sleight of hand has tried to mask. "The steep downward revision of Q3 FY16 has, in turn, led to higher growth in Q3 FY17, thus masking the impact of demonetisation in the Q3 figures," Soumya Kanti Ghosh, group chief economic adviser of State Bank of India, said in a research note put out today. Ghosh claims in his note that some of the numbers beneath the surface "signify the impact of demonetisation". "Growth rates in construction and finance sub-segments are at a 7-quarter low and at an all-time low, respectively, in the current base year. But what is intriguing is that growth rates of these segments show significant recovery in Q4. With cement despatches for January 2017 declining by a whopping 13 per cent, it is not clear how construction activity is reviving in Q4FY17," the note adds. Please click here to access.