India is the fastest growing economy - How?
THE Indian Economy grew 7.5 per cent in the quarter ending December 2014 beating China's growth rate of 7.3 per cent. The Central Statistics Office of the Ministry of Statistics & Programme Implementation yesterday declared that we will have an annual growth rate of 7.4 per cent in the Financial Year 2014-15.
How did we achieve this amazing miracle?
The method of calculation of GDP and the base year are changed. GDP is now measured by market prices instead of factor cost. The base year has been changed to 2011-12 from 2004-05.