LATEST NEWS UPDATES | Why factory output figures are suspect -R Nagaraj

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
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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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 {

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<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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		&#039;title&#039; =&gt; &#039;Why factory output figures are suspect -R Nagaraj&#039;,
		&#039;subheading&#039; =&gt; &#039;&#039;,
		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;
&lt;br /&gt;
But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;
&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
		&#039;credit_writer&#039; =&gt; &#039;The Hindu Business Line, 16 September, 2018, https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&#039;,
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;&lt;br /&gt;Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;&lt;br /&gt;But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;&lt;br /&gt;For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;
&lt;br /&gt;
But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;
&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
&lt;/div&gt;&#039;,
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)...&#039;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)..."/>
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                <strong>Why factory output figures are suspect -R Nagaraj</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons<br /></em><br />In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO's routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.<br /><br />Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.<br /><br />But this time it is different. For the base year 2011-12, the absolute size of India&rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).<br /><br />For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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</span></span></code>
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		&#039;description&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;
-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;
&lt;br /&gt;
But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;
&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;&lt;br /&gt;Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;&lt;br /&gt;But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;&lt;br /&gt;For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;&lt;/div&gt;&#039;,
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)...&#039;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)..."/>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons<br /></em><br />In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO's routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.<br /><br />Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.<br /><br />But this time it is different. For the base year 2011-12, the absolute size of India&rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).<br /><br />For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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</span></span></code>
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-The Hindu Business Line&lt;br /&gt;
&lt;br /&gt;
&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;
&lt;br /&gt;
But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;
&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

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	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-The Hindu Business Line&lt;br /&gt;&lt;br /&gt;&lt;em&gt;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;&lt;/em&gt;&lt;br /&gt;In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;&lt;br /&gt;Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.&lt;br /&gt;&lt;br /&gt;But this time it is different. For the base year 2011-12, the absolute size of India&amp;rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).&lt;br /&gt;&lt;br /&gt;For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot; title=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&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;The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons&lt;br /&gt;
&lt;/em&gt;&lt;br /&gt;
In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO&#039;s routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.&lt;br /&gt;
&lt;br /&gt;
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&lt;br /&gt;
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&lt;br /&gt;
For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.&lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true&quot;&gt;click here&lt;/a&gt; to read more. &lt;br /&gt;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS)...&#039;
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

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                <strong>Why factory output figures are suspect -R Nagaraj</strong></h1>
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                <div align="justify">-The Hindu Business Line<br /><br /><em>The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons<br /></em><br />In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO's routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.<br /><br />Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.<br /><br />But this time it is different. For the base year 2011-12, the absolute size of India&rsquo;s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).<br /><br />For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.<br /><br />Please <a href="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true" title="https://www.thehindubusinessline.com/opinion/why-factory-output-figures-are-suspect/article24961684.ece?homepage=true">click here</a> to read more. <br /></div>               </font>
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-The Hindu Business Line

The MCA database, which underpins the jump in factory GDP, is unconvincing. The ASI method was set aside for wrong reasons

In early 2015, the Central Statistical Office (CSO) introduced a new series of National Accounts Statistics (NAS) with 2011-12 as the base year, replacing the earlier series with the base year 2004-05. It is the CSO's routine job to make such revisions, roughly once in a decade, to account for the changing economic structure, and relative prices.

Moreover, the revision allows for updating the statistical methods used, to keep up with the guidelines of UN System of National Accounts (SNA) and to introduce newer data series to improve the estimates. Usually, with base year revision the absolute GDP size gets slightly enlarged. But rarely, if ever, does the growth rate of GDP (or of its sectors) differ markedly between the new and the old series.

But this time it is different. For the base year 2011-12, the absolute size of India’s domestic output at current prices (at ?82,06,398 crore) is smaller than in the previous series (?83,91,691 crore) by 2.2 per cent; and, its growth rate in 2013-14 in real terms was higher at 6.6 per cent, compared to 4.7 per cent in the older series. (Note: GDP at factor cost in the older series is almost identical to gross value added or GVA, at basic prices; referred as GDP for simplicity).

For some sectors, even the direction of change has got altered after the revision. For instance, for 2013-14, for the manufacturing sector, real growth rate swung from (-) 0.7 per cent in the old series to (+) 5.3 per cent in the new series. Such drastic revision of industrial growth rates was met with considerable scepticism, as the revised (higher) estimates were quite at variance with other macroeconomic correlates, such as bank credit growth, or industrial capacity utilisation, or new investment projects launched.

Please click here to read more.