India growing

[RV Pundit]

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@7%; they are going to be pulling lots of millions from poverty; and that is good news for everyone.
http://www.nation.co.ke/business/India-s-economy-grows-by-7pc-in-first-quarter/-/996/2853112/-/75ot90z/-/index.html

[Kim Jong-Un's Pajama Pants]

I found this interesting.  They have changed how they calculate their GDP.  How was it different before?

Monday's figures were the latest Gross Domestic Product data to be released since the government introduced a revised formula for calculating GDP that some analysts have criticised.

India's government changed the way it calculates GDP in January, with officials saying the new method was closer to international standards.

[RV Pundit]

Formulae for calculating GDP is changed everytime...by economist..so that it reflect the real growth...it more of a weighting issues.as each economy is configured differently. But as long as IMF, WB, OECD and say EUI find the figures credible...then the rest is an intellectual debate best left to economist. Kenya has changed it formulae twice in 10yrs..Nyongo did the first change in 2005..and recently it was changed to include Real Estate...Nigeria changed theirs to include Nollywood movies ...soon we might have to include the earnings our althetes get.

I found this interesting.  They have changed how they calculate their GDP.  How was it different before?

[Kim Jong-Un's Pajama Pants]

Formulae for calculating GDP is changed everytime...by economist..so that it reflect the real growth...it more of a weighting issues.as each economy is configured differently. But as long as IMF, WB, OECD and say EUI find the figures credible...then the rest is an intellectual debate best left to economist. Kenya has changed it formulae twice in 10yrs..Nyongo did the first change in 2005..and recently it was changed to include Real Estate...Nigeria changed theirs to include Nollywood movies ...soon we might have to include the earnings our althetes get.

I found this interesting.  They have changed how they calculate their GDP.  How was it different before?

I am thinking they may need a few years of using the same method before one can put a number out there and call it a trend.  Month to month comparisons using the same method, would also be okay.  It just can't be compared to the period prior to the adoption of the current approach, I think.

Here is an interesting opinion on the same subject. 

http://www.forbes.com/sites/timworstall/2015/04/18/indias-change-in-gdp-calculation-method-seems-highly-sensible/

I think in Naija they rebased their GDP; which is not the case in India from what I gather in the link.

[RV Pundit]

Part of rebasing is changing the formulae..the weights assigned to every sector...every economy is unique. But essentially this is an academic debate. You just have to trust those figures...

I think in Naija they rebased their GDP; which is not the case in India from what I gather in the link.