India’s reset GDP numbers reveal an impressive growth momentum led by the factory sector
Some of this, doubtless, is the effect of reduced proxy use to estimate the informal sector’s output, as the ministry now has a tracker in its Annual Survey of Unincorporated Sector Enterprises for a relatively direct data feed for estimation. But some of it can plausibly be explained by the improved use of deflators to adjust for inflation and get a closer fix on value added in the factory sector.
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