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CEA: Overall, Economic Growth is Moving in the Right Direction, Although its Pace is Still Below What the Economy Needs But a Pace That is Expected to Pick up in Response to the Ongoing Reforms;

Dated:- 3-9-2015 - Says as Per the Recently Released First Quarter GDP Data of the Current Financial Year 2015-16, Price-Wise, the Economy Appears to Be in or Close to Deflation Territory The Chief Economic Adviser Dr Arvind Subramanian in a Statemen .....

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l income data have to be interpreted with care. There are two measures of aggregate economic activity: gross value added at basic prices (GVA) and gross domestic product at market prices (GDP). Essentially, GDP at market prices is the value of goods .....

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axes less subsidies. The issue that arises is how to derive estimates of NIT at constant prices given that the data are collected at current prices. The procedure followed by the Central Statistics Office (CSO), which is entirely consistent with reco .....

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services. (In the case of subsidies, the CSO uses the GDP deflator to arrive at constant price estimates.) Normally, this procedure would appropriately capture the reality. However, these are unusual times because indirect taxes have been increasing .....

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vements in collection efficiency-not being fully captured in measured GDP. Since NIT increased substantially-by 40 percent in nominal terms in the latest quarter-the GDP estimates will have to be interpreted with particular caution because of the com .....

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, grew at 0.1 percent. And prices, measured by the deflator for GDP, grew at 1.7 percent according to the latest estimates. Even this estimate for growth of the GDP deflator could be over-stated if real GDP growth is potentially under-stated for reas .....

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GVA, growth increased to 7.1 % in Q1 FY2016 from 6.1 percent in Q4 FY2015. Directionally, the latest data suggest that economy is recovering which is consistent with other more high-frequency indicators such as revenue collections, real credit growt .....

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