-Business Standard As critics find fault in the new gross domestic product (GDP) data, National Statistical Commission (NSC) Chairman Pronab Sen, heading a committee to review the methodology of the new series, tells Indivjal Dhasmana much of the criticism is due to the lack of information about the methodology and sourcing of the new data. Edited excerpts:   NSC has appointed a committee under you to review the new GDP data. Has it...

-The Hindu Business Line The recent devastation of crops shows that the Indian economy continues to be a ‘gamble’ on the rain. But can India Meteorological Department’s new model make it predictable? Moisture wrecks a farmer's life. Since February this year, lakhs of farmers across 14 states were left with damaged crops. Unseasonal rains destroyed crops on 11 million hectares spread over Rajasthan, Uttar Pradesh, Haryana, Madhya Pradesh, Maharashtra and Punjab....

-The Asian Age The much-quoted sentence, "there are three kinds of lies: lies, damn lies and statistics", was attributed to the 19th century British Prime Minister Benjamin Disraeli by American author Mark Twain. Although researchers could never find such a statement in any written work of Disraeli, the sentence gained universal popularity to signify how economists and other number-crunchers use the "persuasive power" of figures to make a political point or...

-The Economic Times NEW DELHI: India is poised to become the world's fastest-growing major economy, possibly overtaking a slowing China this year itself, according to data released by the statistics office on Monday. But the numbers, based on a new series, seem to have intensified the bewilderment among experts who see little evidence of such a sharp growth surge. "The numbers are quite puzzling," said Soumya Kanti Ghosh, chief economic advisor, State...

-Down to Earth 68th Round of National Sample Survey makes it amply clear that the wave of economic growth has not percolated down from the 0.003 per cent of population of ruling elite (as per Income Tax records, only 42,800 persons have taxable Income more than Rs 1 crore in India). 99.996 per cent population is spending between just Rs 25.90 and Rs 37.36 per capita per day (average MPCE) in...