India aims to boost its GDP growth to 8% to achieve its goal of becoming a developed economy by 2047, according to BVR Subrahmanyam, CEO of NITI Aayog. He emphasized the importance of reliable data in shaping effective policies.
Subrahmanyam highlighted that a seemingly small difference in growth rates—6.5% versus 8%—can lead to significant changes in the future. He shared these insights during a meeting organized by the Ministry of Statistics and Programme Implementation (MoSPI) while addressing statistical advisors from various government departments.
Recent economic challenges have emerged, especially following the US imposing a 50% tariff on Indian goods. Analysts predict this could slice around 50 basis points off India’s GDP growth by 2025-26. Despite this, S&P Global Ratings found this impact to be manageable, raising India’s credit rating to BBB from BBB-.
This period marks the lowest growth rate for India in four years, with the Reserve Bank of India sticking to a 6.5% growth forecast for the current fiscal year. The uncertainty in global trade, particularly exacerbated by rising tariffs, keeps the economic outlook cautious.
The Role of Data in Policymaking
Subrahmanyam urged for a shift towards data-driven decision-making. He believes that when the government relies on solid statistics, it fosters accountability and improvement among stakeholders. Chief Economic Adviser V Anantha Nageswaran echoed this sentiment, stating that sound data is essential for informed decisions, whether in businesses or government.
MoSPI has recently partnered with global organizations like the United Nations to enhance India’s statistical practices, striving to align with international standards. This strategic move comes at a time when the credibility of data is under scrutiny in several developed nations.
For example, US President Trump’s dismissal of a key statistician earlier this month raised eyebrows about the integrity of data reporting, showing the complexity and importance of statistical competency in governance.
Overall, the focus on elevating India’s GDP growth and refining its data practices is crucial for navigating current economic uncertainties. By strengthening its statistical framework, India positions itself not just as a growing economy but as a potential global leader in setting high standards in data accuracy and usage.
Source link
India GDP growth, 8 per cent target, 6.5 per cent growth, developed economy 2047, BVR Subrahmanyam, NITI Aayog, Viksit Bharat, data-driven policymaking, Ministry of Statistics and Programme Implementation, MoSPI, US tariff 50 per cent, Russian energy imports, S&P Global Ratings upgrade, RBI growth forecast, Sanjay Malhotra, Donald Trump, penalty tariff, statistical advisers, evidence-based decision-making, V Anantha Nageswaran, UN Statistics Division, global best practices, official statistics credibility, Erika McEntarfer sacking, US Bureau of Labor Statistics, non-farm payrolls, jobs data controversy
