It may be the world`s sixth largest, but most other things about India's economy are up for debate. The ruling Bharatiya Janata Party (BJP) is under fire for the release of new historical GDP figures that significantly downgraded growth during the years the opposition Congress party was in power, replacing old government estimates and those prepared by an independent committee.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The figures, released by the government`s Central Statistics Office (CSO), showed growth in the 10 years of Congress rule to 2014 averaged 6.7 percent, below an average of 7.4 percent under the current government. A previous government estimate had growth under Congress at 7.8 percent. 

P. Chidambaram, a former Congress finance minister, called the release "a joke". In response India`s current finance minister, Arun Jaitley, said the CSO was a credible organisation. The fallout comes at a critical time for Prime Minister Narendra Modi. 

India`s economy grew a weaker-than-expected 7.1 percent in the July-September quarter, from a more than two-year high of 8.2 percent in the previous quarter, government data showed on Friday. 

Watch This Zee Business Video Here:

NPCI writes letter to department of revenue seeking clarification of GST rules

India`s large informal sector made calculating employment "almost impossible", Bhanumurthy said, leading to a vacuum that was filled with competing political interests.

By: Alasdair Pal