Former chief economic advisor Arvind Subramanian on Wednesday defended his research paper and said he used a framework to validate gross domestic product (GDP) data and not to estimate.
In his research paper last month, Subramanian mentioned that India’s growth rate between 2011-12 and 2016-17 was overestimated. He argued that methodological changes in calculating GDP had led to overestimating GDP growth by at least 2.5 percent per year between 2011-12 and 2016-17.
He also said there are many indicators that contradict claims of the critics of data credibility.
Pointing out that 8 per cent sustained growth is required for achieving $5 trillion economy by 2024-25, he said that investment is going to be the key driver for pushing the economy to the top gear and boost job creation.