Finance Minister Nirmala Sitharaman on Monday, December 2, read out the old Gross Domestic Product (GDP) statistics, during the Lok Sabha session in Parliament. She said, "There have been several discussions on the GDP. With consistent data, I just want to draw the attention of the house." In the figures released by the Ministry of Statistics and Programme Implementation (MoSPI), India's second-quarter GDP growth number stands at 4.5%. The previous Q1 GDP growth rate was at 5%.
Giving out the old GDP statistics, Sitharaman said, "GDP was at 4.9 per cent in the first quarter of 2012-13. Later, it was 4.3 per cent in the fourth quarter of 2012-13. After that of course, the figure grows and it probably reaches 7.3 in the second quarter of 2013-14." She further said, "This indicates that it is possible for the GDP to go up. And it is possible for it to touch seven and beyond seven too. It is not that it has reached a per cent like never before."
India's second-quarter GDP (July-September) growth rate stood at 4.5% - the slowest growth in almost seven years, as released by Central Statistics Office on Friday. The previous quarter (April-June) GDP numbers were at 5% and the Q2 (2018-2019) stood at 7%. This development comes in spite of the government's various economic moves like the merger of nine PSU banks into four, major corporate tax cuts, policy changes in the automobile sector, reduction in tax regulations to boost foreign income, attract investors and increase the consumer demand. The government currently follows the base year of 2011-12.
Earlier on Thursday, November 28, the government had told the Rajya Sabha that the Advisory Committee on National Accounts Statistics (ACNAS) has recommended that 2020-21 as the base year for calculating GDP. The panel had felt that 2017-18 was not the best year for base calculation. Several experts had cautioned against the selection as 2017-18 saw the turbulence felt because of GST and demonetisation.