The government is considering a proposal to reduce official annual gross domestic product estimates to four releases from six, according to a Bloomberg report quoting people familiar with the matter. It added that the step will help avoid multiple revisions that market watchers in the past have described as confusing.
According to the report, the statistics ministry will start this from the next year. The proposal is under discussion among the finance ministry and statistic ministry and various government officials.
According to the proposal, first annual advance estimate will be released by a week to mid-January, and the second estimate will be skipped in February-end. After this, there will be an update in May and then two more annual revisions, according to the Bloomberg report.
According to the latest data, the country’s gross domestic product grew by 6.1 percent in the fourth quarter of fiscal year 2022-23. For the entire FY23, the growth rate came in at 7.2 per cent.
Meanwhile. the fiscal deficit for 2022-23 worked out to be 6.4 per cent of the gross domestic product (GDP), as it was projected by the finance ministry in the revised budget estimates.
In February, India’s GDP data for the third quarter of the current fiscal 2022-23 (Q3 FY23) was released stating Indian economy grew by 4.4 per cent in October-December 2022 compared to 11.2 per cent year ago.
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