WHY WE NEED TO LOOK AHEAD OF GDP?
“What we measure informs what we do. And if we’re measuring the wrong thing, we’re going to do the wrong thing.”
Nobel Laureate in Economic Sciences (2001)
In an election rally in UP, PM Narendra Modi recently took a jibe at the economists criticizing demonetization. He quoted the new GDP growth data released by Central statistical Organisation, which puts the growth rate at 7 per cent in the third quarter of the financial year 2016-17. For decades now, GDP and its growth thereof, has been regularly cited in discussions related to the economic progress. China for one has remained obsessed with the growth so much so that as to set specific targets for GDP growth in its annual and five year plans.