NEW DELHI, Jan 31 (Reuters) - India's growth rate for the
fiscal year ending in March will receive a slight statistical
boost due to a downward revision to 2011/12 economic growth, a
senior government official said on Thursday.
India has lowered its estimate for gross domestic product
growth in 2011/12 to 6.2 percent from 6.5 percent, a government
statement said on Thursday, increasing the base effect
calculating the current year's growth.
Ashish Kumar, a senior official at the Ministry of
Statistics and Programme Implementation, said the 5.4 percent
economic growth for the first half of 2012/13 would also be
"The GDP number for 2011/12 has been revised down as the
previous year's growth number has been revised up after getting
latest data on industrial and fishing production for that
period," Kumar said.
The government is due to release advance growth estimates
for 2012/13 on Feb. 7.
The Reserve Bank of India has forecast growth of 5.5 percent
for the year, while Finance Minister P. Chidamabaram has
forecast 5.7 percent.
Private economists and the Reserve Bank of India, the
country's central bank, have often complained about the frequent
revisions made to key indicators as they affect policy-making
"The volatility in data revisions is quite disturbing though
we realise it is an onerous task. It raises questions about the
reliability of data," said Jyotinder Kaur, an economist at HDFC
Bank, India's second-largest private lender.
"However, the saving grace is that trend in numbers remain
in the same direction," Kaur said.
The Central Statistics Office revised up economic growth for
2010/11 fiscal year to 9.3 percent from 8.4 percent, while
manufacturing growth was revised up to 9.7 percent, and farm
output to 8.8 percent for that period.
(Reporting by Manoj Kumar; writing by Malini Menon; Editing by