In the worst-ever terror strike in J&K, suicide bomber rams CRPF convoy at Lethpora in Pulwama district, killing more than 40 security personnel

News Snippets

  • Gully Boy opens to rave reviews and good collections on Valentine's Day
  • Suicide bomber in J&K terror strike identified as Adil Ahmed Dar, a local Class XI dropout who joined Jaish a year ago
  • Referring to the terror strike in J&K, PM Modi says that the sacrifice of the security personnel will not go in vain
  • Opposition parties to meet in 2 weeks to review draft common minimum programme (CMP)
  • Arvind Kejriwal says Congress has all but refused to ally with AAP
  • Delhi CM Arvind Kejriwal says SC order on Delhi a blow to democracy
  • SC bench divided on who will control services in Delhi, refers the issue to a larger bench
  • CBDT chairman Sushil Chandra appointed as Election Commissioner
  • Setback to Kejriwal: Supreme Court decides that Anti-Corruption Bureau will stay under the Centre and also gives it the power to set up Inquiry Commissions, two key issues that led to a stand-off between the L-G and the Delhi CM
  • CJI orders inquiry into the issue of tampering with orders on the court's website
  • Anil Ambani admits in court that the deal to sell R-Com's assets to Jio has failed
  • Cable switchover deadline extended to March 31
  • Rahul says Modi committed treason in the Rafale deal and can be jailed for it
  • Fire at Hotel Arpit Palace in Delhi kills 17
  • SC hold ex-interim director of CBI, M Nageshwar Rao gulity of contempt and punishes him by making him sit in the corner of the courtroom till the court rose for the day
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Economic Data Should Not Be Window Dressed

By Sunil Garodia

About the Author

Sunil Garodia Editor-in-Chief of indiacommentary.com. Current Affairs analyst and political commentator. Writes for a number of publications.

It needs to be recognized that modern economy – in fact, even society – is increasingly being driven by data. Hence, it is imperative that data collection, analysis and presentation are robust, timely and credible. Since the Indian economy is in the top six in the world and growing at a good rate, both domestic and international investors look to invest here and their decisions are largely based on sectoral data and related policy decisions of the government. The government also takes policy decisions based on economic data.

Hence, frequent tinkering with back data confuses economists and investors and is not good for generating inflow of funds in the economy or for formulating policy. The NDA government has shifted the base year for calculations from 2004-05 to 2011-12. While there is nothing intrinsically wrong in this as it brings data closer to current prices given that inflation skews the figures over time, the effects have triggered a political row. The new set of back data show that the growth rate during the first four years of UPA I & II was 6.7%, much lower than the earlier figure of 8.1% (with 2004-05 as base) and lower than the 7.4% achieved under NDA in the last four years (with 2011-12 as base).

Periodic updating of the base year is necessary and is done in all economies across the globe. It is not as if the UPA growth rate has been rubbished by the new set of data. Those who understand economics, statistics and data will always talk about growth rates as per the base year from which they are calculated. Hence, there is no need for political squabbling. But it also needs to be stressed that frequent tinkering with data, window dressing figures and presenting them in slanted way is not proper and should be avoided at all costs.

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