The country's chief statistician T C A Anant has said that if the country wants considerable development and to emerge as an economic power, it needs to aim for a 10 per cent gross domestic product (GDP) growth rate and sustain it over a decade.
Anant emphasized that the aim for a double digit GDP growth needs to become a habit with the policymakers in the country which they need to endure over a period of time. However, he also said that even a growth rate of 10 per cent continuing for a decade at a stretch may not help India overtake China to emerge as the economic leader in Asia.
He said that Goods and Services Tax (GST), which the Centre is planning to implement from April 1, 2017, will help in calculating the country’s GDP in a better way. Once GST is in place, calculation of GSP (gross state product) will be better. Now GDP at market prices is calculated by adding GVA (gross value added) with taxes and then subtracting the subsidies.
The chief statistician also defended the new series of national income used for GDP calculation, which created controversy, and said “This is better than the older one which did not capture the entire value chain. He added that in new series certain changes have been made like sources of collating data, creation of a quasi-corporate entity which does not submit accounts and corporate, which maintain accounts, among others.