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<ul><li>A few days ago 108 economists and social scientists penned an open letter expressing their anguish over the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s “political interference” with respect to <keyword id="48165" type="ORGANIZATION" weightage="20" keywordseo="economic-data">economic data</keyword> and statistical institutions like the CSO and NSSO. </li><li>And now, 131 Indian <keyword id="22871" type="PERSON" weightage="20" keywordseo="Chartered-Accountants">chartered accountants</keyword> (CA) have responded with a stinging rebuke to the letter’s signatories, questioning their motivations. </li><li>In the reply, which was viewed by Business Insider India, the CAs took issue with the “general bunch of allegations” made by the economists, given that changing the base year for <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> data is a common practice. </li></ul>A few days ago, 108 economists and social scientists penned an open letter expressing their anguish over the Modi administration’s <a href="https://www.businessinsider.in/108-economists-and-academics-just-asked-the-indian-government-to-stop-interfering-with-economic-data/articleshow/68420732.cms">“political interference”</a> with respect to economic data and statistical institutions like the CSO and NSSO. And now, 131 Indian chartered accountants (CA) have responded with a stinging rebuke to the letter’s signatories, terming it a “politically motivated attempt to discredit the government”. In the reply, which was viewed by Business Insider India, the CAs took issue with the “general bunch of allegations” made by the economists, given that changing the base year for GDP data is a common practice. The CAs that signed the letter include ABL Srivastava, the former head of the state-owned NHPC, Anand Rathi, the chief managing director of the Anand Rathi Group, Anil Bhandari, a member of the governing council of the Institute of Chartered Accountants of India and Ajay Bahl, the founder of AZB Associates. The letter claims that the decision to change the base year from 2004-05 to 2011-12, a move that eventually lead to downward revision of GDP growth during the UPA’s tenure, was actually approved by the UPA itself, and implemented by the Modi government. It is unclear how the CAs were privy to the said approval of the revised GDP data by the previous government. However, the CAs noted the methodology follows the United Nations’ 2008 national accounting guidelines. The CAs posit the credibility of the Indian government’s data by explaining that international agencies like the IMF and World Bank routinely use the figures. The letter also said that “disputing government data is routine for experts around the world.” Further still, the letter questioned the motives of the signatories. “A political tendency is being developed to disown institutions” the letter said. SEE ALSO: <a href="https://www.businessinsider.in/108-economists-and-academics-just-asked-the-indian-government-to-stop-interfering-with-economic-data/articleshow/68420732.cms">108 economists and academics just asked the Indian government to stop interfering with economic data</a>

131 accountants from India just responded to the open letter from economists and social scientists challenging official GDP data

<ul><li>In a joint statement released on March 14th, <keyword id="7428828" type="UNKNOWN" weightage="20" keywordseo="108-economists">108 economists</keyword> and social scientists in India and abroad decried the political interference in India’s statistical institutions like the <keyword id="109702" type="ORGANIZATION" weightage="20" keywordseo="CSO">CSO</keyword> and <keyword id="159764" type="COMPANY" weightage="20" keywordseo="nsso">NSSO</keyword>. </li><li>The statement included signatories such as Jean Dreze, Amartya Lahiri and Satish Deshpande. </li><li>Terming economic data a “public good, it appealed to all the country’s economists to raise their voices against the “suppression of uncomfortable data” </li></ul> In a joint statement released on March 14th, 108 economists and social scientists in India and abroad decried the political interference in India’s statistical institutions like the Central Statistical Office (CSO) and National Sample Survey Organisation (NSSO). The statement included signatories such as Jean Dreze, Amartya Lahiri and Satish Deshpande. Terming economic data a “public good, it explained the risk to the credibility of India’s statistics bodies and appealed to all the country’s economists to raise their voices against the “<a href="https://www.business-standard.com/article/pti-stories/108-economists-social-scientists-concerned-over-political-interference-in-data-estimation-119031400979_1.html">suppression of uncomfortable data</a>” and lobby the government to “ re-establish institutional independence and integrity to the statistical organisations. The statement specifically highlighted the problems inherent in the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s release of back-dated series of <keyword id="401117" type="PERSON" weightage="20" keywordseo="GDP-data">GDP data</keyword>. It also said that the government’s base-year system of revision inflated growth rates when compared with estimates by independent economists. In November last year, India’s Ministry of Statistics, in conjunction with government think tank, Niti Aayog, <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">released a revised set of GDP data</a> that showed that growth under the previous <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government between 2004-05 and 2013-14 was less than what the current BJP-led administration has achieved over the last four years. The joint statement also cited the government’s concealment of its latest jobs report - the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) - owing to its unfavourable findings. In an election year, anything that calls into question its economic track record is sure to be used by its opponents. At the end of January 2019, PC Manohan and JV Meenakshi - the only external members of India’s National Statistics Commission - <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">resigned from the body</a> after the government shelved the report. The report, which was subsequently leaked, showed that unemployment hit a <a href="https://scroll.in/latest/911462/unemployment-was-at-45-year-high-after-note-ban-shows-centres-buried-report-business-standard">45-year high</a> in 2017-18. In response to the statement, PC Manohan said that India’s political parties should <a href="https://www.business-standard.com/article/pti-stories/pol-parties-should-take-note-of-economists-concerns-over-statistical-data-ex-nsc-chief-mohanan-119031401247_1.html">pay attention to the economists’ concerns</a>. SEE ALSO: <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">Modi government has a hidden jobs report — say two independent bureaucrats who just quit</a> <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure</a>

108 economists and academics just asked the Indian government to stop interfering with economic data

<ul><li>Six months after India’s Ministry of <keyword id="66017" type="ORGANIZATION" weightage="20" keywordseo="Statistics">Statistics</keyword>, along with government think tank Niti Aayog, released a back-dated series of <keyword id="401117" type="PERSON" weightage="20" keywordseo="GDP-data">GDP data</keyword>, sparking a huge outcry, India’s growth numbers have once again been questioned. </li><li>The current system of GDP calculation, which was introduced in 2015, uses numbers from a database of Indian companies, MCA-21 - which is compiled by the Ministry of Corporate Affairs (MCA). </li><li>However, a study by the National Sample Survey Office (<keyword id="159764" type="COMPANY" weightage="20" keywordseo="nsso">NSSO</keyword>), found that 15% of the companies in the database were either inactive or untraceable while another 21% were incorrectly classified. </li></ul> Six months after India’s Ministry of Statistics, along with government think tank Niti Aayog, released <a href="http://www.mospi.gov.in/sites/default/files/press_release/Press-Note-28Nov2018.pdf">a back-dated series of GDP data</a>, sparking a huge outcry, India’s growth numbers have once again come under the scanner. The current system of GDP calculation, which <a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=115084">was introduced in 2015,</a> uses numbers from a database of Indian companies, MCA-21 - which is compiled by the Ministry of Corporate Affairs (MCA). However, as per a report <a href="https://www.livemint.com/news/india/new-gdp-series-faces-fresh-questions-after-nsso-discovers-holes-1557250830351.html">by Mint</a>, a study by India’s survey office, National Sample Survey Office (NSSO), found that 15% of the companies in the database were either inactive or untraceable while another 21% were incorrectly classified. The study, which was focussed on the services sector, extended from June 2016 to June 2017. The companies in question had been designated as “active” by the MCA. To be deemed active, a firm has to have filed tax returns at least once in the last three years. The MCA-21 database isn’t public. Hence, the existence of “ghost firms” or shell companies likely pushed GDP numbers during the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s tenure upwards. The findings of the NSSO study once again call into question the accuracy of India’s GDP data. When the government released the back-dated series of GDP in November last year, the numbers raised quite a few eyebrows as it showed that growth under the previous <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> government between 2004-05 and 2013-14<a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms"> was less than what the current BJP-led administration</a> has achieved over the last four years. At the time, the government justified the move by saying the revised data took into account wider changes in the primary, secondary and tertiary sectors of the economy as well as different data sources and methods of calculation. In March 2019, 108 economists and social scientists in India and abroad<a href="https://www.businessinsider.in/108-economists-and-academics-just-asked-the-indian-government-to-stop-interfering-with-economic-data/articleshow/68420732.cms"> signed a joint letter</a> that decried the political interference in India’s statistical institutions like the Central Statistical Office (CSO) and NSSO. The joint statement also cited the government’s concealment of its <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">most recent jobs report</a> - the Periodic <keyword id="1830313" type="PERSON" weightage="20" keywordseo="Labour-Force-Survey">Labour Force Survey</keyword> (PLFS) - owing to <a href="https://scroll.in/latest/911462/unemployment-was-at-45-year-high-after-note-ban-shows-centres-buried-report-business-standard">its unfavourable findings</a>. In fact, the only non-government appointed members of the National Statistical Commission resigned from the body at the end of January owing to the shelving of data. SEE ALSO: <a href="https://www.businessinsider.in/indias-bjp-led-government-has-released-a-set-of-revised-gdp-data-that-dramatically-reduces-growth-during-the-previous-administrations-tenure/articleshow/66861828.cms">India’s BJP-led government has released a set of revised GDP data that dramatically reduces growth during the previous administration’s tenure</a> <a href="https://www.businessinsider.in/a-hidden-jobs-survey-in-india-casts-doubt-on-data-integrity-under-narendra-modi-government/articleshow/67750383.cms">Modi government has a hidden jobs report — say two independent bureaucrats who just quit</a>

A big chunk of companies in India's GDP calculation don't exist: Report

<ul><li><keyword id="2071614" type="PERSON" weightage="20" keywordseo="Job-creation-in-India">Job creation in India</keyword> fell by 6.91% in January to 1.12 million, according to Employee State Insurance Corporation (ESIC) payroll data. </li><li>Indian Economy was able to create 1.20 million job same time last year. </li><li>The ESIC scheme attracted nearly 20.8 million new subscribers from September 2017 to January 2019.</li></ul>While <a href="https://www.businessinsider.in/indias-unemployment-rate-for-february-highest-in-two-years-cmie/articleshow/68280848.cms">unemployment in India stood at 7.2%</a> in February this year, the number of jobs created in the country also fell by 6.91% in January. The number decreased to 1.12 million from 1.20 million during the same time last year, according to the numbers put out by Employees State Insurance Corporation (ESIC). The ESIC scheme includes health and medical benefits for organisations that have an employee base of more than 20 and to employees with monthly pay upto ₹21,000. At the time of joining, the workers with basic monthly pay up to 15,000 are included under the ESIC scheme. According to ESIC scheme data, which provides health insurance and medical services, added nearly <a href="https://www.moneycontrol.com/news/business/economy/job-creation-dips-6-9-in-jan-to-11-23-lakh-esic-payroll-data-3698601.html">20.8 million new subscribers</a> from September 2017 to January 2019. The payroll data, floated by the Central Statistics Office, is based on the working professionals joining social security schemes under Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA). Nearly 7.64 million subscribers were reportedly added to the scheme. From last year onwards, the CSO has been rolling out statistics on jobs and employment covering the data from September 2017. The report is based on the number of subscribers under the three schemes — Employees' Provident Fund (EPF) Scheme, Employees' State Insurance (ESI) Scheme and National Pension Scheme (NPS). However, the creation of jobs in the formal sector projected to a 17-month high at 896,000 in January 2019, the report highlighted. With elections just around the corner, the numbers on employment and jobs has been affecting the country’s youth largely. According to a recent <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">analysis</a> by the Centre for Monitoring Indian Economy (CMIE), the unemployment rate hits the highest for the highly educated segment — bachelor’s degree and above — at 13.2%. See also: <a href="https://www.businessinsider.in/indias-unemployment-rate-for-february-highest-in-two-years-cmie/articleshow/68280848.cms">India's unemployment rate for February highest in two years: CMIE</a> <a href="https://www.businessinsider.in/indias-unemployment-rate-stands-at-13-2-among-graduates-and-post-graduates-cmie/articleshow/68517075.cms">Fewer jobs for better educated: India’s unemployment rate stands at 13.2% among the highly educated segment</a> <a href="https://www.businessinsider.in/male-workforce-is-reportedly-shrinking-in-india-reveals-job-survey-by-nsso/articleshow/68498030.cms">Male workforce is reportedly shrinking in India, reveals job survey by NSSO</a>

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131 accountants from India just responded to the open letter from economists and social scientists challenging official GDP data

Dilsher Dhillon

108 economists and academics just asked the Indian government to stop interfering with economic data

Dilsher Dhillon

A big chunk of companies in India's GDP calculation don't exist: Report

BI India Bureau

Job creation in India slows down by 6.9% in January: ESIC payroll data

BI India Bureau

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