New formula projects highest GDP growth in the last three years
The Dollar Business Bureau India's GDP is likely to grow at a robust 7.4 per cent in 2014-15 fiscal year, according to the Central Statistical Organisation. If achieved, this will be the highest growth in the last three years. The data indicates that growth momentum has picked up under Prime Minister Narendra Modi's regime. Under the UPA government, the economy grew by 5.1 per cent in 2012-13 and by 6.9 per cent in 2013-14, according to the new methodology announced last month. GDP is now calculated at market prices instead of factor costs. The government has also shifted the base year used to calculate GDP from 2004-05 to 2011-12. The new formula has been the subject of intense debate ...
