The Daily Brief Are India's GDP numbers giving us the real picture?
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Dec 4, 2024 Explore the intriguing question of whether India's GDP numbers truly reflect reality, diving into the flaws in calculation methods and the impact of a new base year. The investigation into a ₹297 crore fraud linked to EV subsidies raises serious concerns about transparency and policy confusion. Plus, the podcast examines how U.S. restrictions are reshaping the global semiconductor landscape and India's emerging role in this vital industry. Tune in for insights on these critical economic topics!
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GDP Base Year Update
- India will update its GDP base year to 2022, impacting key economic indicators like inflation and output.
- This change reflects the evolving economy, giving sectors like services their due weight.
Criticisms of GDP Calculation
- Experts like Arvind Subramanyam and Rajeshwar Sen Gupta criticized India's GDP calculation methods.
- These criticisms include using WPI instead of PPI, relying on potentially flawed MCA21 data, and misrepresenting the unorganized sector.
EV Subsidy Fraud
- Three EV makers, Hero Electric, Okinawa Autotech, and Benling India, were raided for alleged subsidy fraud.
- They're accused of misusing ₹297 crore under the FAME II scheme by violating localization requirements.