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\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

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


        trigger_error($message, E_USER_DEPRECATED);

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

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

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-TheWire.in&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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-TheWire.in

The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;,
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&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the..."/>
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                <div align="justify">-TheWire.in<br /><em><br />The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. </em><br /><br />India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.<br /><br />Here&rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.<br /><br />Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?<br /><br />Technically, the only circumstance in which this can happen is when the economy&rsquo;s productivity or the &lsquo;Incremental Capital Output Ratio&rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?<br /><br />Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&rdquo; There is really no answer to this fundamental questIon. <br /><br />Please <a href="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility" title="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility">click here</a> to read more.</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('cakeErr68006ed0ba13b-trace').style.display = (document.getElementById('cakeErr68006ed0ba13b-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="cakeErr68006ed0ba13b-trace" class="cake-stack-trace" style="display: none;"><a href="javascript:void(0);" onclick="document.getElementById('cakeErr68006ed0ba13b-code').style.display = (document.getElementById('cakeErr68006ed0ba13b-code').style.display == 'none' ? '' : 'none')">Code</a> <a href="javascript:void(0);" onclick="document.getElementById('cakeErr68006ed0ba13b-context').style.display = (document.getElementById('cakeErr68006ed0ba13b-context').style.display == 'none' ? '' : 'none')">Context</a><pre id="cakeErr68006ed0ba13b-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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&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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-TheWire.in

The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;em&gt;&lt;br /&gt;The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;&lt;br /&gt;Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;&lt;br /&gt;Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;&lt;br /&gt;Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;&lt;br /&gt;Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot; title=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.&lt;/div&gt;&#039;,
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&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the..."/>
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                <strong>Why India&#039;s New GDP Math Lacks Credibility -MK Venu</strong></h1>
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                <div align="justify">-TheWire.in<br /><em><br />The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. </em><br /><br />India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.<br /><br />Here&rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.<br /><br />Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?<br /><br />Technically, the only circumstance in which this can happen is when the economy&rsquo;s productivity or the &lsquo;Incremental Capital Output Ratio&rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?<br /><br />Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&rdquo; There is really no answer to this fundamental questIon. <br /><br />Please <a href="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility" title="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility">click here</a> to read more.</div>               </font>
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-TheWire.in&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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-TheWire.in

The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;,
	&#039;disp&#039; =&gt; &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;em&gt;&lt;br /&gt;The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;&lt;br /&gt;Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;&lt;br /&gt;Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;&lt;br /&gt;Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;&lt;br /&gt;Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot; title=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.&lt;/div&gt;&#039;,
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-TheWire.in&lt;br /&gt;
&lt;em&gt;&lt;br /&gt;
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;
&lt;br /&gt;
India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;
&lt;br /&gt;
Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;
&lt;br /&gt;
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;
&lt;br /&gt;
Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;
&lt;br /&gt;
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;
&lt;br /&gt;
Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...&#039;
$disp = &#039;&lt;div align=&quot;justify&quot;&gt;-TheWire.in&lt;br /&gt;&lt;em&gt;&lt;br /&gt;The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. &lt;/em&gt;&lt;br /&gt;&lt;br /&gt;India&amp;rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.&lt;br /&gt;&lt;br /&gt;Here&amp;rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.&lt;br /&gt;&lt;br /&gt;Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?&lt;br /&gt;&lt;br /&gt;Technically, the only circumstance in which this can happen is when the economy&amp;rsquo;s productivity or the &amp;lsquo;Incremental Capital Output Ratio&amp;rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&amp;rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?&lt;br /&gt;&lt;br /&gt;Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &amp;ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&amp;nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&amp;rdquo; There is really no answer to this fundamental questIon. &lt;br /&gt;&lt;br /&gt;Please &lt;a href=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot; title=&quot;https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility&quot;&gt;click here&lt;/a&gt; to read more.&lt;/div&gt;&#039;
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The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

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                <strong>Why India&#039;s New GDP Math Lacks Credibility -MK Venu</strong></h1>
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                <div align="justify">-TheWire.in<br /><em><br />The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. </em><br /><br />India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.<br /><br />Here&rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.<br /><br />Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?<br /><br />Technically, the only circumstance in which this can happen is when the economy&rsquo;s productivity or the &lsquo;Incremental Capital Output Ratio&rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?<br /><br />Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&rdquo; There is really no answer to this fundamental questIon. <br /><br />Please <a href="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility" title="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility">click here</a> to read more.</div>               </font>
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-TheWire.in<br />
<em><br />
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. </em><br />
<br />
India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.<br />
<br />
Here&rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.<br />
<br />
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?<br />
<br />
Technically, the only circumstance in which this can happen is when the economy&rsquo;s productivity or the &lsquo;Incremental Capital Output Ratio&rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?<br />
<br />
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&rdquo; There is really no answer to this fundamental questIon. <br />
<br />
Please <a href="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility">click here</a> to read more.
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-TheWire.in<br />
<em><br />
The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. </em><br />
<br />
India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head.<br />
<br />
Here&rsquo;s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%.<br />
<br />
Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen?<br />
<br />
Technically, the only circumstance in which this can happen is when the economy&rsquo;s productivity or the &lsquo;Incremental Capital Output Ratio&rsquo; (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II&rsquo;s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances?<br />
<br />
Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, &ldquo;The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15&nbsp; to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?&rdquo; There is really no answer to this fundamental questIon. <br />
<br />
Please <a href="https://thewire.in/political-economy/why-indias-new-gdp-math-lacks-credibility">click here</a> to read more.
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-TheWire.in

The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. 

India&rsquo;s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the...'
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Why India's New GDP Math Lacks Credibility -MK Venu

-TheWire.in The new back-series GDP data, released four months before the 2019 general elections, fails several common sense tests. India’s back-series GDP (gross domestic product) data, released by the NITI Aayog just four months before the 2019 general elections, turn the basic laws of macroeconomics on their head. Here’s one that is most intriguing. The data show lower GDP growth during the UPA years, which is when the gross investment to GDP ratio was peaking at 38%. And conversely, they show higher GDP figures during the four years of Modi-led NDA-II government, which is when gross investment to GDP ratio was at its lowest at 30.3%. Economic theory has always held higher investments lead to higher GDP. So how can GDP grow faster when the investment to GDP ratio has fallen? Technically, the only circumstance in which this can happen is when the economy’s productivity or the ‘Incremental Capital Output Ratio’ (ICOR) improves equally dramatically. Simply put, it means the economy generates a lot more output for the same amount of capital employed. There is no sign of that happening during the NDA-II’s four years in which productivity was in fact negatively impacted by the twin shocks of demonetisation and messy GST implementation. Besides this, much of the NDA-II period has also seen the largest quantum ever of unproductive assets locked up in banks in the form of non-performing assets (NPAs). Banks are not lending because of unresolved bad loans. How can productivity surge in such circumstances? Says Mahesh Vyas, CEO of the Centre for Monitoring Indian Economy, a reputed private data research firm, “The new GDP back series numbers show India to be a magical economy where when the investment ratio drops sharply, the economy accelerates sharply. During the period (2007-08 to 2010-11) when the investment to GDP ratio was peaking at average 37.4% the average GDP growth was 6.7%. And in the recent four years (2014-15  to 2017-18) when the investment ratio was down to 30.3% the economy was sailing at 7.2%. Is this productivity magic?” There is really no answer to this fundamental questIon. Please click here to read more.