"We are following the norms and the internationally agreed standards and, on that basis, we are calculating the GDP. There is, practically, no manipulation. We are collecting data from various departments like agriculture...," he said during Question Hour.
He noted that the GDP is estimated by summing up the gross value of different kind of activities plus tax on products minus subsidies on these products.
The annual estimate of GDP is compiled using the procedure laid down by the Systems of National Accounts 2008 and this system is the internationally agreed standard set of recommendations by the UN on how to compile measures of economic activity, the minister said.
According to the first advance estimates of GDP for 2017-18, the growth is pegged at 6.5 per cent.
"The decline in growth in 2017-18 is on account of lower growth in agriculture and allied sector and industry sector," Gowda said.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.