GDP growth overestimated by 2.5 percentage points between 2011-12 and 2016-17: Arvind Subramanian

India's GDP growth has been overestimated by 2.5 percentage points between 2011-12 and 2016-17, former chief economic adviser Arvind Subramanian said in a note that was published in The Indian Express.

In the note, Subramanian stated that he has tracked several indicators — electricity, commercial vehicle (CV) sales, airlines, railway freight, index of industrial production (IIP), petroleum, steel, consumption, exports, two-wheeler sales, tractor sales, foreign tourist arrivals, cement, overall real credit, imports - from 2001 to 2017.

He said that the actual growth could have been about 4.7 percent during the period against the official estimates of around 7 percent.

Subramanian said it was a 'technocratic problem' which the statisticians and the economists who recalculated on the basis of a new base year have to answer.