New GDP series captures structural changes in economy, reflects global best practices: N K Singh
N K Singh supports new GDP data reflecting India's economic structural changes. He also noted the sovereign rating upgrade after thirty-eight years. This upgrade reflects structural reforms and sustained macroeconomic stability. The revised GDP base year captures significant economic activity shifts. India's credit rating improved to 'A-' with a stable outlook.
N K Singh, Chairman of the 15th Finance Commission, has endorsed the new GDP data series released by the government, which indicates an impressive 7.8 percent economic growth in the June quarter of 2023. Singh emphasized that this data series effectively captures India's evolving economic structure, particularly the rapid expansion of the services sector.
He attributed the upgrade of India's sovereign credit rating from BBB+ to A- by Japan Credit Rating (JCR) to the Modi government's far-reaching structural reforms and sustained macroeconomic stability, practices that align with international standards. Singh explained that the change in the base year from 2011-12 to 2022-23 for national accounts is a standard practice that reflects the changing nature of economic activities and is in line with global best practices.
He highlighted that the government has addressed criticisms about the calculation methodology by acknowledging the revisions made to the GDP series. The credit upgrade to A- grade, achieved in 2026, marks a significant milestone, representing a period of macroeconomic stability and the continuation of ongoing reforms since 2014.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
