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BW Businessworld

Getting The Math Right

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It is easy to dismiss the confusion over the index of industrial production as a clerical error. Fact is, the government does not accord high priority to statistics. Every few months, question marks are raised over the inflation data and the way it is measured. And in fact, the wholesale price index is most often vastly different from the real price on ground.
There have been discussions on how the output of the services sector can be measured in a country where many services are offered through the unorganised sector.

Although politicians claim to be pre-occupied with trying to eradicate poverty, there is no consensus on the actual number of poor in the country. 

The report of the National Statistical Commission in September 1991, then headed by C. Rangarajan, had recommended various measures of evaluating and collecting data across a gamut of areas. It may be time to pull it out and take action on at least some of the recommendations.

Strictly Business
China is slowing down. The GDP growth for Q1 was 8.1 per cent, down from 8.9 per cent in the last quarter. However, analysts say the Chinese economy will rebound as the country takes steps to counter slowdown.

(This story was published in Businessworld Issue Dated 23-04-2012)