2 hrs ago
Piyush Goyal Defends GDP Data, Attacks Critics
Piyush Goyal defended the way India measures its economic growth.
Some opposition leaders and former officials have criticized the GDP figures.
Goyal said those critics were comparing two different data series.
He explained that the base year used in the newer series had changed.
Because of this, he said the two growth rates should not be compared directly.
Goyal accused the critics of confusing people.
He made these comments at an automotive industry meeting.
The report does not provide the critics’ detailed response.
Piyush Goyal criticized opponents who questioned India’s GDP growth data.
He accused critics of trying to mislead the people of India.
Goyal said critics were comparing growth rates from an old series with a new series.
He argued that the comparison was invalid because the base year had changed.
Goyal made the remarks at the annual session of the Automotive Component Manufacturers Association.
- Who
- Piyush Goyal criticized opposition leaders and unnamed former finance and central-bank officials.
- What
- Goyal defended India’s GDP growth data and rejected comparisons between old and new data series.
- Where
- At the annual session of the Automotive Component Manufacturers Association; the location is not specified.
- When
- At the annual session of the Automotive Component Manufacturers Association; no date is specified.
- Why
- Goyal said the critics were comparing data series with different base years and were thereby misleading the public.
Goyal’s Position
Critics’ Position
Comparing GDP growth series
Goyal’s Position
Goyal said comparisons between the old and new growth series were invalid because their base years differed.
Critics’ Position
The article indicates that opposition leaders and former officials questioned the GDP growth data, but it does not provide their detailed arguments.
Effect on public understanding
Goyal’s Position
Goyal accused the critics of trying to mislead the people of India.
Critics’ Position
The critics’ response is not included in the article.
Key facts
- Speaker
- Piyush Goyal
- Subject
- India’s GDP growth data
- Main criticism
- Goyal accused critics of comparing an old series with a new series.
- Data issue
- The base year changed between the two series.
- Venue
- Annual session of the Automotive Component Manufacturers Association
- Critics mentioned
- Opposition leaders, a former finance secretary and a former Reserve Bank of India governor
Quotes
Piyush Goyal
Speaker addressing the annual session of the Automotive Component Manufacturers Association
“They are trying to misguide the people of India, comparing growth rate [based on an] old series with a new series where the base year itself has changed.”
timesnownews.com
“They don't even know [that they should] compare apples with apples.”
timesnownews.com
Sources
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