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Revised GDP growth pegged at 6.9 percent
Highlights
Revised GDP growth pegged at 6.9 percent, India revised upward its economic growth to 6.9 per cent from 4.7 per cent in the fiscal year to March 2014 on Friday after it changed the formula to measure the economy.
New Delhi: India revised upward its economic growth to 6.9 per cent from 4.7 per cent in the fiscal year to March 2014 on Friday after it changed the formula to measure the economy. The move will make it easier for the government to meet fiscal deficit goals.
New Delhi revises the method of calculating national accounts and other macro data every five years, bringing in a newer base year and adjusting for changes in the economy.
The new measurement of GDP includes under-represented and informal economic sectors as well as items such as smart phones and LED television sets.
The government also revised its GDP for 2012/13 to 5.1 percent from 4.5 percent earlier. It will now use 2011/12 as the new base year, instead of 2004/05.
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