The rebuttal from the PM’s advisory group is the second that Arvind Subramanian’s estimate has attracted in two days. A statement issued by the advisory group promised there will be another, a much longer one that will list out point-to-point contradiction. The economic advisory council contested Arvind Subramanian on the point that it hadn’t taken views of experts when it changed the base year and weights. It also faulted his methodology, insisting that he had used cross-country regressions to estimate what India’s GDP should be. A country’s GDP is in nominal terms and any exercise should be on the basis of nominal figures, not real growth rates,” the statement said.

Source: Hindustan Times June 12, 2019 10:56 UTC