Former RBI Governor Raghuram Rajan has expressed doubts over Indian economy growing at 7% when not enough jobs were being created. He said the current cloud over the Gross Domestic Product (GDP) numbers must be cleared by appointing an impartial body to look at the data. He further said that he had no idea what statistics are pointing at currently and a revamp was needed to really figure out what India's true growth rate is.
Recently, the government had revised the economic growth rate upwards to 7.2% for 2017-18 from 6.7% estimated earlier. Besides, Rajan said a stronger broad-based growth is needed that creates more jobs.
On doubts being raised by some over economic data after revision in growth rate, he said a cleanup act is needed and an impartial body appointed to look at the numbers. He said ‘I just think that we need now to essentially clean up, find out what in fact is the source of confusion with the new GDP numbers, with the revisions etc. I would say setting up an impartial body to look at it is an important step to resorting confidence’.