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Indian CEOs and CFOs consider revised GDP data as too optimistic

09 Mar 2015 Evaluate

India Inc is not very bullish about the Indian growth story based on the Central Statistical Office (CSO) revised estimates of GDP data of over 7 percent. In a post-Budget survey of 189 CEOs and CFOs, conducted by Industry body Assocham, a large majority of CEOs and CFOs have expressed their opinion about the revised growth figures as “too good to be realistic” and termed it too optimistic since the underlying situation is not all that upbeat.

According to the survey 71 percent of the CEOs said "they would like to wait for some more time before they could be as optimistic as the government is about the new data”, while 68 per cent CFOs said the picture must “translate into solid sales and production data on the ground” and there was still some way to cover. Not only this, the majority of  CEOs and CFOs  surveyed, said that they would like the government not to base it optimism entirely on shifting to the new CSO series of the data on the GDP, as it is still early days for the new numbers to sink in and relate them to underlying figures of the old series

The industry body has echoed the views of Chief Economic Advisor Arvind Subramanian who had also said that the ambitious 8.1-8.5 percent economic growth projected for the next fiscal in the Union Budget is more like a 'statistical and not a real number. Recently CSO released GDP growth figures based on a new methodology, under which it expects economic expansion of 7.4 percent in the current fiscal, while GDP growth rate of last fiscal has also been revised upward to 6.9 percent. Assocham has said that “even though the new data series may reflect the best international practices, the shift seems to be so sudden that at times, it looks too good to be realistic”.

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