PRINCETON The late, sharp-witted economist Michael Mussa, my first boss at the International Monetary Fund, once told me that every statistic must pass the “smell test”. I recalled this sage advice recently when Indian authorities published the first driblets of a consumption survey in over a decade. The numbers stink.
PRINCETON The late, sharp-witted economist Michael Mussa, my first boss at the International Monetary Fund, once told me that every statistic must pass the “smell test”. I recalled this sage advice recently when Indian authorities published the first driblets of a consumption survey in over a decade. The numbers stink.
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To understand the criticisms presented as well as whether or not they are well-founded, readers need to understand the following things about how GDP is calculated in India.
Indian authorities downplayed inconvenient macroeconomic facts so that they could celebrate seemingly flattering headline figures as hosts of the G20 summit. But in covering up the growing struggles faced by the vast majority of Indians, they are playing a cynical and dangerous game. By Ashoka Mody