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: 150 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]



        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::index() - APP/Controller/ArtileDetailController.php, line 150
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
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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: 151 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::index() - APP/Controller/ArtileDetailController.php, line 151
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 97
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 {

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        LATEST NEWS UPDATES | The great GDP fudge -Jairam Ramesh    </title>
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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically..."/>
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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically..." />
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                            <div align="justify">-The Indian Express<br /><br /><em>Same data, opposite conclusions, Dr Subramanian?<br /></em><br />&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically growth booms are accompanied by surges in imports not declines&hellip; similarly, real gross capital formation declined&rdquo;. This was the chief economic advisor (CEA) Arvind Subramanian in an interview to the Business Standard on February 3, 2015. Lest you be fooled into believing that the CEA was being intellectually honest about the state of the current economy, he was actually talking about the revised GDP number for the year 2013-14, when UPA 2 was in power.<br /><br />After the new GDP series was rolled out under the current government, it revealed that India&rsquo;s GDP growth in 2013-14 was 6.9 per cent compared to the reported 5 per cent, as per the old methodology. A 6.9 per cent GDP growth in 2013-14 would have meant that India was the second fastest growing large economy in the world, after China. But the CEA expressed bewilderment at that number because he said this was in dissonance with the actual macro-economic reality. He explained meticulously how other economic parameters such as imports, gross capital formation etc are truer indicators of GDP growth and dismissed the view that India&rsquo;s GDP could have grown as fast in 2013-14.<br /><br />Fast forward to September 2016. India&rsquo;s imports have fallen for 20 straight months. In April 2016, India&rsquo;s imports touched a six-year low. Exports are still at 2011 levels, down significantly from the 2013 peak. Industrial production which creates real jobs in the economy is actually shrinking. Gross fixed capital formation has fallen. What does the same CEA have to say this time about the same macro-economic indicators &mdash; &ldquo;It signals improvement in underlying real economy, holds out hope for the corporate sector&rdquo;.<br /><br />Please <a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" title="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" class="re" target="_blank">The Indian Express, 10 September, 2016, http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/</a><div class="clear"></div>
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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

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    <h1 class="cat-box-title">The great GDP fudge -Jairam Ramesh</h1>
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                            <div align="justify">-The Indian Express<br /><br /><em>Same data, opposite conclusions, Dr Subramanian?<br /></em><br />&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically growth booms are accompanied by surges in imports not declines&hellip; similarly, real gross capital formation declined&rdquo;. This was the chief economic advisor (CEA) Arvind Subramanian in an interview to the Business Standard on February 3, 2015. Lest you be fooled into believing that the CEA was being intellectually honest about the state of the current economy, he was actually talking about the revised GDP number for the year 2013-14, when UPA 2 was in power.<br /><br />After the new GDP series was rolled out under the current government, it revealed that India&rsquo;s GDP growth in 2013-14 was 6.9 per cent compared to the reported 5 per cent, as per the old methodology. A 6.9 per cent GDP growth in 2013-14 would have meant that India was the second fastest growing large economy in the world, after China. But the CEA expressed bewilderment at that number because he said this was in dissonance with the actual macro-economic reality. He explained meticulously how other economic parameters such as imports, gross capital formation etc are truer indicators of GDP growth and dismissed the view that India&rsquo;s GDP could have grown as fast in 2013-14.<br /><br />Fast forward to September 2016. India&rsquo;s imports have fallen for 20 straight months. In April 2016, India&rsquo;s imports touched a six-year low. Exports are still at 2011 levels, down significantly from the 2013 peak. Industrial production which creates real jobs in the economy is actually shrinking. Gross fixed capital formation has fallen. What does the same CEA have to say this time about the same macro-economic indicators &mdash; &ldquo;It signals improvement in underlying real economy, holds out hope for the corporate sector&rdquo;.<br /><br />Please <a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" title="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" class="re" target="_blank">The Indian Express, 10 September, 2016, http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/</a><div class="clear"></div>
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        LATEST NEWS UPDATES | The great GDP fudge -Jairam Ramesh    </title>
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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically..."/>
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-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

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                            <div align="justify">-The Indian Express<br /><br /><em>Same data, opposite conclusions, Dr Subramanian?<br /></em><br />&ldquo;I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically growth booms are accompanied by surges in imports not declines&hellip; similarly, real gross capital formation declined&rdquo;. This was the chief economic advisor (CEA) Arvind Subramanian in an interview to the Business Standard on February 3, 2015. Lest you be fooled into believing that the CEA was being intellectually honest about the state of the current economy, he was actually talking about the revised GDP number for the year 2013-14, when UPA 2 was in power.<br /><br />After the new GDP series was rolled out under the current government, it revealed that India&rsquo;s GDP growth in 2013-14 was 6.9 per cent compared to the reported 5 per cent, as per the old methodology. A 6.9 per cent GDP growth in 2013-14 would have meant that India was the second fastest growing large economy in the world, after China. But the CEA expressed bewilderment at that number because he said this was in dissonance with the actual macro-economic reality. He explained meticulously how other economic parameters such as imports, gross capital formation etc are truer indicators of GDP growth and dismissed the view that India&rsquo;s GDP could have grown as fast in 2013-14.<br /><br />Fast forward to September 2016. India&rsquo;s imports have fallen for 20 straight months. In April 2016, India&rsquo;s imports touched a six-year low. Exports are still at 2011 levels, down significantly from the 2013 peak. Industrial production which creates real jobs in the economy is actually shrinking. Gross fixed capital formation has fallen. What does the same CEA have to say this time about the same macro-economic indicators &mdash; &ldquo;It signals improvement in underlying real economy, holds out hope for the corporate sector&rdquo;.<br /><br />Please <a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" title="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/">click here</a> to read more. <br /></div>                                                           
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    <br><a href="http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/" class="re" target="_blank">The Indian Express, 10 September, 2016, http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/</a><div class="clear"></div>
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The great GDP fudge -Jairam Ramesh

Published on Sep 10, 2016

Modified on Sep 10, 2016

-The Indian Express

Same data, opposite conclusions, Dr Subramanian?

“I am puzzled by the new GDP growth numbers. This is mystifying because these numbers, especially the acceleration, are at odds with other features of the macro economy. Import of goods declined. typically growth booms are accompanied by surges in imports not declines… similarly, real gross capital formation declined”. This was the chief economic advisor (CEA) Arvind Subramanian in an interview to the Business Standard on February 3, 2015. Lest you be fooled into believing that the CEA was being intellectually honest about the state of the current economy, he was actually talking about the revised GDP number for the year 2013-14, when UPA 2 was in power.

After the new GDP series was rolled out under the current government, it revealed that India’s GDP growth in 2013-14 was 6.9 per cent compared to the reported 5 per cent, as per the old methodology. A 6.9 per cent GDP growth in 2013-14 would have meant that India was the second fastest growing large economy in the world, after China. But the CEA expressed bewilderment at that number because he said this was in dissonance with the actual macro-economic reality. He explained meticulously how other economic parameters such as imports, gross capital formation etc are truer indicators of GDP growth and dismissed the view that India’s GDP could have grown as fast in 2013-14.

Fast forward to September 2016. India’s imports have fallen for 20 straight months. In April 2016, India’s imports touched a six-year low. Exports are still at 2011 levels, down significantly from the 2013 peak. Industrial production which creates real jobs in the economy is actually shrinking. Gross fixed capital formation has fallen. What does the same CEA have to say this time about the same macro-economic indicators — “It signals improvement in underlying real economy, holds out hope for the corporate sector”.

Please click here to read more.

The Indian Express, 10 September, 2016, http://indianexpress.com/article/opinion/columns/arvind-subramanian-gdp-growth-lpg-subsidy-aadhaar-economy-3023033/

Tagged with: Economic Development Economic Growth GDP GDP estimates GDP growth GDP growth rate

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