All about credit.

Data released by the Ministry of Statistics and Programme Implementation (MoSPI) show that India's economy grew at 6.2% in the December quarter of 2024 and the growth rate for 2024-25 is expected to be 6.5%, which implies a growth rate 7.6% in the fourth quarter. Astonishingly, "MoSPI revised growth estimates for FY23 to 7.6% from 7% and for FY24 to 9.2% from 8.2%." BS. "Small revisions in GDP estimate numbers are common practice, what baffles analysts and economists are the massive revisions." "If accuracy of government data becomes suspect, the effectiveness of policy making comes under scrutiny as well." TNIE. This government is known to create data convenient to it. "India has officially recorded 414,000 Covid-19 deaths so far," but researchers from "the US based Center for Global Development used three different data sources" and "found that excess deaths were estimated to be in the range of 3.4 million to 4.7 million - about ten times higher." BBC. Since June 2024, the government discontinued releasing the goods and services (GST) data. "This data was not shared in a formal press release, but provided to reporters informally." Only the gross total collections were released but not the details. BT. The Reserve Bank of India (RBI) "estimates that from the end of 2018-19 up to the end of 2023-24, close to 151 million jobs were created," and "more than 31 million jobs were created even during the pandemic year of 2020-21." Former Prime Minister of China LiKeqiang "liked looking at indicators like railway cargo volume, electricity consumption and loans disbursed by banks in order to get an indication of which way the Chinese economy was headed." Similarly, "we could do with our own version of the LiKeqiang index," wrote Vivek Kaul. "Given the weaknesses in India's statistical system, annual data on many sectors are unavailable. India's national accountants use outdated data, heroic assumptions and rough proxies to fill these gaps in the national accounting database," wrote Pramit Bhattacharya. PC Mahalanobis and Pitambar Pant established the Planning Commission, created by Jawaharlal Nehru, as a knowledge powerhouse. "The major databases economists and analysts use today to track the economy such as the National Accounts series and the National Sample Survey (NSS). were shaped by Mahalanobis and his colleagues in the early years after Independence." Niti Aayog is the successor of the Planning Commission. "Several officials view the Aayog as the Union government's public relations and event management wing rather than a serious policy think tank," wrote Bhattacharya. All the credit rating agencies have assigned a rating at the lowest investment grade for India. TE. The government and economists in India believe that these foreign agencies are biased because India is the fastest growing major economy in the world. Forbes. However, these growth rates are seen as suspicious by those not working for the government. Foreigners use their own analysis. If data have no credit, neither will ratings. Nor the country.