Govt disagrees with Central Statistics Office on 5% GDP growth
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But terming the data disappointing, a Finance ministry statement said, "It is likely that the advance estimates of 5 percent will be revised and the final estimate will be closer to the government's estimate of a growth rate of 5.5 percent or slightly more."
In the Indian statistical calendar, the advance estimate is the first in a line of four estimates the CSO releases on GDP data, including more actual figures from sectors for each succeeding revision. But the data released around February 7 every year plays a crucial role as it is used by the Finance ministry for its budget projections.
The CSO uses data available only until November or December, the Finance ministry release contended, adding that several indicators such as the Purchasing Managers' Index for manufacturing, moderation in inflation and higher indirect tax mop up point to "early sign of an upturn in the economy".
Along with renewed weakness in global markets, the CSO's sombre projections pushed the Bombay Stock Exchange Friday to its lowest level of 19,484.77 since January this year. The rupee too ended Friday at 53.5, a loss of 28 paise despite an FII inflow of $280 million in the day. Based on the estimate, analysts have also begun to scale down growth forecasts for 2013-14 to below 6 per cent.
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