In one of our earlier articles, The True Picture presented an analysis of the recently released official GDP Back Series from 2004-05 to 2011-12. In 2015, Government had adopted a new method to estimate the National Account Statistics to bring it at par with international standards.
Here is the graph from the official GDP Back Data Series that shows the GDP growth rate from 2004-05 to 2017-18. The continuous line with the base year 2011-12 shows the trend of GDP growth rate over the years. Thus, the dotted line with the base year 2004-05 is no longer valid as the new series is now available with data for all the years, as shown in the graph adjusted to the new base year 2011-12.
From the above graph, average GDP growth rate can be calculated which is as following:
|Government||Average GDP Growth Rate|
|UPA I (avg. for 4 years)||6.7|
|UPA II (avg. for 5 years)||6.7|
|NDA (avg. for 4 years)||7.35|
But here are some of the self-claimed scholars and economists who had attacked Prime Minister Narendra Modi based on a draft report with the non-finalised methodology before this data was out.
Rupa Subramanya, Economist as per her Twitter Handle
Despite the government adopting international standards, Rupa Subramanya desperately asked for GDP Back Series, and then questioned the change in GDP methodology. But interestingly, after the GDP back data series was released, she is now not only questioning the official economic data, but the credibility of the institution itself that has released it.
Rajeev Gowda, M.P. Rajya Sabha, Congress (AICC) Research Department
So, what Rajeev Gowda has to say about ‘economy doing much worse’ after the GDP Back Series following the new method has been released, as he was demanding.
Sitaram Yechury, Leader, CPI (Marxist)
For Sitaram Yechury, it is a fact check situation as he has been caught lying blatantly. Government has now released the GDP Back Series and is not hiding anything. In fact, the economy is in a much brighter spot with a higher average GDP growth rate than the UPA.
Rachit Seth, Congress – Mainstream Media Communication
Its already out. The stark contrast between the two governments is also present in the public domain, as explained above.
Tony Joseph, Former Editor of Businessworld
Like most of the others who jumped into a conclusion fast, Tony Joseph also charged the government that it has backtracked on the release of GDP Back Series data.
Sadanand Dhume, WSJ Columnist
Sadanand Dhume (above) and Salmaan Anees Soz (below) also had a similar concern about the delay in publication of the back series of GDP. It has been addressed now and there is nothing hidden anymore.
Salman Anees Soz, Congress Member and Economic Commentator
With the new GDP back series data now available, which many of the above self-proclaimed scholars were asking for, they need to answer all the fake claims they had made earlier and unnecessary attack that they had launched on the present government on the basis of a draft report with the non-finalised methodology. As seen in the case of Rupa Subramanya, it appears that the ‘so-called’ scholars are not interested in evaluating the methodology of the GDP Back Series, rather they have an agenda to malign the image of the Modi Government in every possible way.