Data on which GDP Calculated “A Major Concern” & Soon GDP Could Become “Unreliable”: Pronab Sen 

Just to point out,I am an MD in US for 4 decades.I consider myself well informed.Prof Sen is much more comprehensible that Larry Summers etc.Makes me proud.

Kudos to Karan Thapar for continuing to raise the real issues of concern and providing us with well-informed and professional discussions on these matters.

Excellent discussion! The takeaway is that the organized sector is progressing by leaps and bounds while the unorganized sector needs massive upliftment, at present it is languishing and dying. If equating the country with the body, it is like ensuring that the heart is functioning at full capacity while the liver is being allowed to be overtaken by cirrhosis.

Thank you so much to Prof Pronab Sen and Karan Thapar ji Wonderful to hear these gentlemen

Extremely insightful and enlightening interview! Thanks a ton team Wire and Karan sir!

Much awaited interview of Prof Pronob Sen.. I watched it twice , Thanks @thewire Team...🙏 my heart is crying while listening these two gentlemen 💔

I can't keep calm... Its my favv economist!! Thank u ❤️

Prof Sen top man sir unbelievable knowledge which comes from being highly educated on the subject. Govt. should consult people like him, Dr Amartaya Sen, Dr Kaushik Basu.

This guy deserves to be the Chief Economic Adviser to IMF & WB!!!

What an educative discussion 👏 👏...the kind that we don't get to see on TV anymore.

GDP 7.8 for quarter 1 was questioned by most Indian economists including Prof. Arun Kumar JNU who argues that GDP growth was 1.0 or zero

Great interview. Tells you not to conclude without seeing a fuller picture through multiple indicators. What we do when we run a business too.

It is a pleasure to listen to Prof Sen

Mr Sen logical and brilliant.

Mr.Sen is forgetting that this government's data is collected from temples and beggars. Ram bharose😢

Such a pleasure listening to these amazing people in their interviews. Both the interviewer and the interviewee were simply a pleasure listening to. Thanks Karan ❤

We should be more concerned about providing better medical, educational and other basic facilities to common people instead of dreaming of becoming a developed country. Many people from developed countries come to India to get medical treatment.

India has a great opportunity of self employed in selling pakodas and trinkets. 🤪

Given that all consumer articles are taxed via GST, the expenditure approach data should be much more reliable than production approach. When Income sector is vastly unquanitified, the production data from those irregular sectors are unreliable also. Post-Gst we were supposed to move to expenditure based GDP calculations from production based calculations. Given these technical nitty gritty, GDP growth doesn't reflect that lives and economic woes of 80 crore (who need free rations) who live in informal sectors of the country.

After long time Mr Sen is back ❤

Topic is absolutely important for we all citizens of India❤

Exceptional illuminating discussion.Prof Sen Thank you.and Karan As always well thought questions.Shabash.God bless you.Overall depressing.Prof is right when he says lost opportunity.

This is Modi government. What’s not fake with ALL of his claims?

This is the real debate/issue that citizen should be caring about.

I completely agree with the tag line is Incisive Questions, Insightful Responses. This line completely defines the show 👍👍

As always enlightening

Karan stayed true to his nature ... a master class in deception and language chicanery to mix the issues with a sole intent on somehow show the current government's fault ... The poor experts either never discover the game, or sometime ignore them.

The size of the economy does matter but human development indices matter much more.

Very informative. Very telling, in fact.

Beautiful conversation ❤

Listening to Prof. Sen & Karan is a masterclass in stats, just focus and you’d understand everything. No slides, graphs to see and still you’d get everything. Concept clarity and pacing is key. His students must be lucky to have him as a teacher. Thanks, look forward to more of him here.

Every data gathering method was point on before 2014 but after that it has become matter of concern what a joke these people are. Even if the statistics should change but it will definitely show we are improving. Period

The basket of goods always changes but slower than prices, otherwise change will mean nothing .. pronab should know how indices are calculated its very standard.. this is devious

By misleading people may give political dividends but miss the bus of economic progress of the country.Thanks both for such a clear impression.

We are always with neutral and intellectual media and Karan Thapar.❤😂🎉😢😮😅😊.

If proper data is unavailable we could be miles out of our estimation, especially as the majority of income and expenditure is in the villages.

Modi says, we will become 4th or 3rd largest economy and we all go, wah wah sabash. Please remember, our GDP growth is without real growth, without development, without jobs. We get so obsessed with this GDP narrative. It's time we see the overall growth of a country. Improving GDP alone won't make us a developed country.

Superb Karan!! Best wishes

Be it error in either methodology or the data the result is 💩, it's the result that matters. When the govt have no data on anything except religious hatred everything is a 💩 in the country.

Thanks

Please do more interviews on economy there a lot of us who want to hear nuanced perspectives like prof. Sen’s.

I am presently at USA. If the.GDP of lndia is such high, why 1 USD is equal to Rs.83 presently and why growth of US economy is lower than the growth of lndian economy. There is something terribly wrong at the calculation.

The conversation is really top notch. Only problem is, the host is just waiting on every step for Mr Pronab to say that the numbers are misleading so he can gain his 2 second eureka moment.

I really enjoyed the interview, and I would say prof very effectively refuted Mr Thapar's agenda to prove that 1. GDP data is way incorrect and purposely flawed. 2. Mr Thapar had to put a gloomy twist to the end which was no way proved during the entire interview. Here is the reason why I am saying that ... 1. He tried to prove that GDP data is purposefully flawed, which prof explained that not the case... That's how it's best calculated in our circumstances. Need of the hour is to improve the underline data, improve the indices - but it it's not purposefully manipulated. 2. All attempts to counter GDP data with unemployment, MNREGA, free food schemes etc fall flat on the face. 3. When brought up a point of PM's announcement, he tried to equate it with the world bank GDP per capita numbers, which may or may not be the intention of pm, but he got the answer that this number can be met, he changed goal post to UK's GDP per capita. - as an argument he doesn't know or mention even with such high GDP per capita what is the rate of unemployment in UK, what number of people/family live on govt funding etc.... and at large do we just need to stick to these numbers or look into becoming a better welfare state? 4. When he tried to over and over push the conclusion that higher GDP does not mean a better life for poor people, the answer is - we don't know, can't say - may or may not but. But for that look at other indicator and strategy. The whole interview did not prove that we are going in wrong direction - not at all. If not improved GDP and better economy, what other means you can provide better livelihood to the poorest or poors? Yes, better strategies, better data, better indices - but they should be in context of India, not looking outwards. And only can be achieved by better economic growth. Anyways, very informative discussion. Thank you both.🙏

Experts say the same thing about China.. They say China's GDP is actually 60% of what China claims it to be around 8 to 10 trn. not 17 trn.

...and such an honest person

KarTha kept prodding, not getting an answer he liked. And then more...and more. Lage Raho Munna Bhai

Top class..

Pakodawallahs , your Majesty !

13800 might also be gone for development countries would be amended more 18ooo

54:50 It seems the world bank threshold for qualifying as a developed country is $13,200 TODAY. If so, how does this part of the discussion make any sense considering that this threshold will increase greatly in the next 25 years i.e. by 2047.

IMF / world bank +++ are also giving similar gdp figures as rbi : so all are on same page

Brilliant interview

Is this what has been the practice even in the last 76 years?

india should focus on GDP per capita more.

IMF agrees with 7.8 but now it has to be ignored. When GDP of 2004-14 is produced , that's absolutely correct!! But its all wrong now. Hai hum gareeb ho gaye, tabah ho gaye....bachao bachao

GDP calculation system is wrong . Items should be categorised to workout properly

Inequality will remain but unemployment does not exist in the country because of the long scarcity of manpower

Finally got answer to why rupee is perennially week, apart from cad due to import more than export and corruption by nirav modi,malya types , the reason 60-80% indians idle is eye opener, I used to see men loitering in benches in chennai outskirts and women sitting simply for nrega etc, now I am able to connect the dots

Always an awesome interview ❤

When WPI was 14% we were underestimating the GDP using the same logic .

Its funny how Professor Sen is not saying what Karan thapar wants him to say. Thanks to Professor for conveying us the healthy and genuine concerns on calculation of GDP which is done all around the world. Karan Thapar's intention is always clear and politically motivated. His sales pitch of fearless and independent journalism is a farce.

In 1947 USA $one= one indian rupee. Now more than Rs. 83/ is does not depend on GDP!!!!!!

Jobless growth is good for labour surplus democracies nation of the world!!!!!

What do you mean by "the truth" ! Lovely

Let the guest speak

Can't the GDP be calculated over different class: high, middle and low, to give a better idea in terms of poverty?

Funny thing is, it never occurred to these gentlemen that GDP is not the correct indicator of development of an economy during UPA time. KT never brought up the other parameters into discussion then. Now that Modi govt is in place (much against the preference of KT) and started registering acceptable level of GDP growth, they have suddenly discovered GDP is not the appropriate indicator and started doing granular analysis. Hail their impartiality!

No system of measuring GDP is perfect. For example a lot of critics think that Chinese GDP is greatly inflated as a large portion of it consists of what they call as digging and filling up holes. Building a lot of unnecessary infrastructure and unoccupied real estate thereby employing man and resources can be considered. We can always try to calibrate data frequently like the Professor said to make it more accurate in the Indian context.

They are talking about people who dont understand their language. GDP data tells us that the train of growth and prosperity is at speed. You need to decide if you want to board it or remain where you are. India is not meant for the bottom 80% around 112 crore people. It's meant only for the top 28 crore people. It has super rich, rich, middle, and low income people. In terms of society, it's for upper caste and top caste in OBC, Dalit & ST. Naye bharat ko Salaam !!!

Gst collections growing at 13% , direct tax collections growing @ 17% . Probably nominal GDP is growing in excess of 12-13%

Thanks for giving the correct information about the G.D.P. of the country and the present government is increasing unemployment, depression amongst the educated youths and what say about uneducated people and the future of the poor people of the country may be worst.,

Negative data is good for the real picture in the labour surplus democracies nation!!!

Where does percapita income fit in ?

Ceteris Paribus, at $45,000 of GDP per capita, the total GDP would be roughly $63 trilion (3 times the size of US). Even at $13,000 GDP per capita the size of economy will equal that of present day US's. To have that growth, not only NIFTY 50s but very small businesses will have to pioneer technologies that almost everyone in this world will use. I don't underestimate but almost every one must be allowed to bet and fall freely so that some of us could contribute to that brobdingnagian target. That will mean rewriting of several laws and letting alot of nuts and bolts free which given the state of affairs makes me want to appear hopeful.

So 20% at least of our gpd is overestimated as it is measured from whole sale index rather than producer index. If we count 10% margin of whole sale dealer and 10% cost of transportation then 20% or more of our GDP is overestimated 😅. If Indian govt is saying 3.73 tn dollar economy, it means India has real GDP at 2.98 tn dollar 😅

we go for it but we cannot achieve it

It is not as though the economic figures fail to reflect people’s reality only now. Second, after saying that the unorganized sector data is out of date, you are talking about recent self-employment figures - but that is unorganized sector, and you said that data is out of date.

Can Professor Sen give the data on income and wealth distribution in India, say by deciles?

👍👍✨

It us very unfortunate..people wasting their time discussing when input data itself is doubtful..

GDP - Greed Domination on Public

The summary is Bharat lives in true lies without Truth not only in employment but in every sector you name it.

In 2047, the criterion for a developed (high income) country won't be $13,200 per capita GDP. This number by the World Bank keeps increasing regularly.

Also note that these people will have lakhs of share in Indian stock market because they will be hoping of growing their money because they know if indias gdp grows so is indias stock market despite their bullshit i am betting on indias growth because i want to be rich

🖤

The basic point that is discussed in this interview of GDP growth not reflecting the real situation in the country - This would have been relevant even before Chowkidar era. Why was this not discussed/addressed then? Is it that Chowkidar Sena is using GDP growth for propaganda that this point has gained relevance?

I honestly wish mrs FM of india and her chawalla boss should try to understand what is national economy mean.

2047 me 13200 dolalr nhi rahega..inflation consider karne se..40000 dollar ke as pass rahega developed country ka..guru ji..agar 10 sal me double sochenge tho..

Global Definition be dambed. KT definitions are the way to go😅😅😅

Abhijit Banarjee & Amartya Sen real ID se aaoo, Alfred Marshall RIP 😅

Mr Sen is scared

Yes the first time that India reached 4T economy is a matter of grave concern. We as Indians should not let the country to grow in such large measures.

4:15

Better this expert confines to what data he had followed.

I am not sure about all this GDP mumbo jumbo. India has no reliable means of estimating anything. So these are figures that they pull of a hat. Everyone I talk to in India is struggling. No jobs, underpaid jobs, difficulty to pay to put food on the table, having to mortgage women's jewels to pay medical bills or to pay a mortgage on the house. Either a few people are making an insane amount of money or the whole thing is a fiction

Can Indian Economic academia/professionals come out with measurements that suit Indian situations? I think we always copy solutions from the West, which may not be ideal for our situations.

India will become a developed nation definitely after few centuries 🎉😅

Now that Sen is connected with the government, he is hesitant to criticize the government.

The fundamentals such as the health, education, basic needs of the vast majority of the population, women empowerment etc have been ignored systematically since independence in spite of putting in place several five-year planned programs. During the last 10 years neglect on these counts has only increased and we now have an additional menace - crony capitalism. India cannot become a superpower in foreseeable future.