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India revises up 2013/14 GDP growth to 6.9 percent

New Delhi, Jan 31 (ANI): India revised its economic growth to 6.9 percent from 4.7 percent in the fiscal year to March 2014 after the government changed the formula to measure the economy, a move that will make it easier for the government to meet fiscal deficit goals. The new measurement of Gross Domestic Product (GDP) includes under-represented and informal economic sectors as well as items such as smartphones and LED television sets. The government also revised its GDP for 2012/13 to 5.1 percent from 4.5 percent earlier. New Delhi revises the method of calculating national accounts and other macro data every five years, bringing in a newer base year and adjusting for changes in the economy. It will now use 2011/12 as the new base year, instead of 2004/05. The new methodology moves India more in line with global standards by measuring the economy at market prices, and by tracking consumer rather than wholesale inflation. Jan 31, 2015
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