(FE)
The latest official data showing Indian Gross Domestic Product (GDP) growth at 7 per cent for the third quarter was only marginally impacted by the November 8 demonetisation measure has served to re-ignite the controversy about the methodology employed to calculate the country’s national income.
The Central Statistics Office (CSO) on Tuesday estimated that India’s GDP for the third quarter ended December, at Rs 30.28 lakh crore, recorded a growth of 7 per cent, compared with 7.3 per cent in the previous quarter. The country had registered a GDP of Rs 28.31 lakh crore in the corresponding quarter of 2015-16. The estimates of GDP growth for the full fiscal 2016-17, at 7.1 per cent, marked a sharper fall from the 7.9 per cent recorded for the fiscal 2015-16.This appeared to fly in the face of previous private surveys documenting the disruption caused by the demonetisation of Rs 500 and Rs 1,000 rupee notes constituting 86 percent of currency in November.
