New Delhi: The Economy Advisory Council to the Prime Minister on Wednesday refuted the claims by the former Chief Economic Advisor (CEA) regarding the overestimation of Gross Domestic Product (GDP) numbers, saying that Arvind Subramanian had himself admitted to being “unsure”. It also said that it will come out with a point-by-point rebuttal in due course.
“At the moment, it is felt that any attempt to sensationalise what should be a proper academic debate is not desirable from the point of view of preserving the independence and quality of India’s statistical systems, all of which the former CEA is familiar with,” it said.
“These are certainly issues that Dr Subramanian must certainly have raised while he was working as CEA, though by his own admission, he has taken time to understand India’s growth numbers and is still unsure,” the EAC-PM added.
“The Economic Advisory Council will examine in detail the estimates made in Dr Arvind Subramanian’s paper and come out with a point-to-point rebuttal in due course,” the Government said. “These are certainly issues that Dr Subramanian must certainly have raised while he was working as CEA, though by his own admission, he has taken time to understand India’s growth numbers & is still unsure,” it added.
Subramanian, in a paper, said India’s economic growth rate has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17 due to a change in methodology for calculating GDP.
Notably, the Ministry of Statistics and Programme Implementation (MoSPI) has rejected the contention of the former CEA, saying that “it follows accepted procedures and methodologies for arriving at projections of national income”.