January IIP data revision totally baffling says Pranab Mukherjee

The Chief Statistician had attributed the sharp downward revision in IIP data to incorrect reporting on sugar production by the Directorate of Sugar in the Ministry of Consumer Affairs, Food and Public Distribution

New Delhi: Terming sharp revision in the industrial production data as "totally baffling", Finance Minister Pranab Mukherjee on Friday said he has asked the authorities concerned to look into the issue, reports PTI.

"I can understand if there is error in calculating 0.1% of 0.2%, but from 6.8% to 1.1%, it is totally baffling," Mr Mukherjee told reporters here, commenting on the sharp revision of the IIP growth rate for January from 6.8% to 1.1%.

He further said: "We shall have to ensure that government data, their integrity should not be challenged...I have asked concerned authorities to look into it that why it has taken place and they should be much more careful in the future".

The Ministry of Statistics and Programme Implementation (MOSPI) yesterday revised the Index of Industrial Production (IIP) for January from 6.8% to 1.14% because of wrong calculation of sugar production during the month.

Chief Statistician TCA Anant had attributed the sharp downward revision in IIP data to incorrect reporting on sugar production by the Directorate of Sugar in the Ministry of Consumer Affairs, Food and Public Distribution.

According to Mr Anant, "Subsequent to the release (of IIP data for January 2012), it has been detected ... that the sugar production was wrongly taken as 134.08 lakh tonnes in place of actual figure of 58.09 lakh tonnes".

He had said that due to this change and minor update of data received from other source agencies, the IIP for January 2012 has been revised from 187.9 to 177.9.

Also, Mr Anant said, the cumulative index for the period April-January (2011-12) was revised from 4% to 3.4%.

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COMMENTS

Zerohedge

5 years ago

The number for consumer non durables in Jan IIP data jumps by 42.1% which is kind of unheard of. If I am running the statistics office, what would I do? I would asked everybody to double check and triple check the numbers and vouch for their integrity.. But then our babus running the government are nothing but rubber stamps without any accountability. If this mistake had happened in a private organization, I am sure someone would have lost his job. Our babus know that their jobs are safe and hence no accountability or applying common sense.
I am surprised that they revised the numbers. They could have easily buried the whole thing quietly. Who will know anyway? It is not like the govt makes these data and data collection mechanisms public and transparent.

India to allow FDI from Pakistan says Anand Sharma

Several Pakistani industries and banks are keen on setting up business in India, which is possible only when a policy decision on allowing cross-border FDI is taken

New Delhi: Improving the economic ties between the two nations, India today said it will allow foreign direct investment (FDI) from Pakistan paving the way for industries from the neighbouring country to set up businesses in the growing Indian market, reports PTI.

"India has taken in-principle decision as part of trade normalisation process to allow foreign direct investment from Pakistan...," Commerce and Industry Minister Anand Sharma said after a meeting with his Pakistani counterpart Makhdoom Amin Fahim.

Mr Sharma said, "Procedural requirements (for FDI from Pakistan) are underway. It will notified soon."

Besides, talks are underway to allow banks from both the countries to open branches in each other's territory, he said, adding, "RBI and State Bank of Pakistan are in favour of opening branches..."

Mr Fahim said, "There has been progress in allowing banking services from both sides. In-principle we have agreed."

At present, India and Pakistan are engaged only in trade of goods, which has recently been liberalised.

Several Pakistani industries and banks are keen on setting up business in India, which is possible only when a policy decision on allowing cross-border FDI is taken.

Mr Sharma also said that India-Pakistan Business Council will be set up soon, to be co-Chaired by both the countries.

On multiple entry business visas, he said, "There will be a formal signing of agreement soon. It will be for one year initially."

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IPL5 losing its sheen as TV ratings falls 18.7%

The opening six matches saw a TVR of 3.76; compared to 4.63 in the last season. The IPL is in its fifth season now, and over time, its appeal seems to have waned

According to Tam Media Research, Indian Premier League’s (IPL) opening matches are seeing fairly low television ratings. Television Viewer Ratings (TVR) were down 18.7% in the first six games compared with the same period last year.

The opening six matches saw a TVR of 3.76; compared to 4.63 last season. The IPL is in its fifth season now, and over time, its appeal seems to have waned. Last season, the cumulative viewership was 101.77 million. This year, it has fallen to 90.1 million. The lacklustre opening ceremony, which was heavily panned, recorded an all time low in its five-year stint.

The dismal ratings may be due to India’s appalling show in the overseas series in England and Australia. Already, after India won the World Cup, the euphoria appeared subdued. Now, with very shoddy performances—including the shameful loss to Bangladesh—which got Sachin Tendulkar his 100th century, the audience seems to have lost interest.

“There are chances that after people have seen Tendulkar hit his 100th ton, viewers are not curious about anything else. Fatigue has set in,” commented a sector analyst. Another commentator noted that while the IPL has managed to dent viewership of daily soaps, the serials seem to be recovering.

“Earlier, reality shows like Bigg Boss, Emotional Attyachar and others were grabbing eyeballs. Now, there are no such reality shows in the horizon. Now Bade Achhe Lagte Hai, Diya Aur Baati Hum and Yeh Rishta Kya Kehlata Hai are doing pretty well,” said the analyst.

Even film producers can be seen releasing their movies during the current IPL season. Eros International Media released its big ticker, ‘Housefull2’ on 6th April and has collected Rs72 crore during its opening week. The film has grossed Rs57 crore in India (Net collection of Rs40 crore) and Rs15 crore overseas through 3000 screens.

“Despite releasing during the IPL cricket frenzy, Housefull 2 has opened well in theatres across India,” said Nandu Ahuja, senior vice president for India Theatrical at Eros International Media.

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