Govt admits faus pax; revises Q1 growth at mkt prices to 10%

New Delhi, Sep 1 (PTI) Admitting its faus pax within a
day, the Indian government Wednesday revised the economic
growth at market prices to 10.02 per cent for the quarter
ending June 2010, from 3.65 per cent stated earlier.

Issuing a corrigendum to its figure issued Tuesday,
the Ministry of Statistics and Programme Implementation
(Mospi) attributed the mistake to wrong calculation of
deflators.
Deflators, which convert GDP data at current prices to
constant prices, are used for factoring in inflation.
Real GDP (excluding inflation) at market prices (what
consumers pay) for the April-June quarter now stands at Rs
12,09,888 crore, from the earlier estimated figure of Rs
11,39,867 crore.
Mospi said the Indian economic growth, traditionally
estimated as real GDP at factor cost (what producers get) was
estimated correctly Tuesday at 8.8 per cent in the first
quarter of the fiscal.
"Inadvertently there has been use of inappropriate
deflators in converting quarterly estimate of expenditures of
GDP at market prices in Q1 of 2010-11 (at current prices) to
quarterly estimates of expenditures of GDP at market prices in
Q1 of 2010-11 (at 2004-05 prices)," the ministry said in a
statement here. PTI MG