Soumya Kanti Ghosh, State Bank of India said that any data revision is a continuous phenomenon so I think you should not get bogged out by this data revisions.
"The USA gives out data which is revised, the CSO data is also revised. I think the possible reasons for data revision is that since this is a net data- basically people who are coming in and going out and the difference is taken. People who are joining that data is being reported by the organisation immediately and people who are leaving that data may be is delayed by a couple of months," he said.
"March is steepest because in April most of the people who may have left their job in the fiscal year ending March and taken up a new job in the month of April and that is why you will also see that the April data which has been released that April data also shows a sharp jump from the March data which has now been revised downwards," he added.
"Over a point of time the data should stabilise and once these problems are identified that these data revisions which are being sent out by the organisations needs to be done faster and over a point of time this data should stabilise, so that it can give us a good time series for any comparison which can be made over comparable period last year," said Ghosh.
Praveen Chakravarty, Chairman of Data Analytic Department said, “We need to take a step back and really this whole jobs and formal jobs claim starting from the Prime Minster is just laughable based on the EPFO data."
"Let us not conflate things. What we question and I had questioned right immediately days after the grand claims were made that India creates 6 to 7 million formal jobs a year based on this data and all we said at that time was please be cautious. We do not know the methodology behind the data and the data is for too shorter time period. This is what we said back in January," he added.
He also said that nobody is questioning the release of EPFO data and the whole jobs narrative around hiding behind such spurious high frequency EPFO data to claim that we are the fastest job creator in the world which is what it will be if you go by these numbers is absolutely laughable.