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Monday, December 09, 2019

MoSPI issues clarification on GFCF data mismatch in GDP release

The text of the release showed GFCF at Rs 10.83 lakh crore in the second quarter of FY20, as against Rs 11.16 lakh crore last fiscal, thus showing a 3 per cent contraction. The detailed table, however, showed the GFCF figure at Rs 11.27 lakh crore, translating into a growth of 1.0 per cent.

By: ENS Economic Bureau | New Delhi | Published: November 30, 2019 1:43:13 am
India GDP, India economy, india economy news, india gdp second quarter, india gdp slows, recession, india recession, india economic crisis, india gdp figures, indian express Workers and traders in a daily grind at the region’s biggest wholesale vegetable market in North Kolkata. (Express Photo by Partha Paul)

The GDP release for July-September had two sets of figures for Gross Fixed Capital Formation (GFCF), an indicator for investment in the economy. The text of the release showed GFCF at Rs 10.83 lakh crore in the second quarter of FY20, as against Rs 11.16 lakh crore last fiscal, thus showing a 3 per cent contraction. The detailed table, however, showed the GFCF figure at Rs 11.27 lakh crore, translating into a growth of 1.0 per cent.

The error was later corrected by the Ministry of Statistics and Programme Implementation (MoSPI), which issued a corrigendum for the GFCF figure, revising it to Rs 11.27 lakh crore as was mentioned in the table earlier. “At Constant (2011-2012) Prices, the GFCF is estimated at Rs 11.27 lakh crore in Q2 of 2019-20 as against Rs 11.16 lakh crore in Q2 of 2018-19 … growth rates of GFCF at Current and Constant Prices are estimated at 1.0 per cent and 1.0 per cent during Q2 of 2019-20 as compared to 16.2 per cent and 11.8 per cent during Q2 of 2018-19,” the corrigendum said.

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