Flaying the Statistics Ministry for its reply on this matter, the Parliamentary Standing Committee on Finance also said the reply on authenticity and creditability of new series is also "vague".
"The new series of national accounts with 2011-12 as base year has raised more questions than answers ... The reply of the ministry regarding authenticity and creditability of new series is also vague," the Parliamentary Standing Committee on Finance said in a report which was tabled in Parliament today.
Chief Economic Advisor Arvind Subramanian and RBI Governor Raghuram Rajan, among others, had also questioned the new GDP series, saying the numbers were 'puzzling'.
"I am puzzled as I said because the fact that ... especially what happened in 2013-14, that number is puzzling because that is a kind of bad year, yet growth accelerated," Subramanian had said in February.
More From This Section
"We will be watching the February 9 release with great care and dwell deeply into what we see there. At this point this is premature to take a strong view based on these GDP numbers," he had said.
On the basis of new series with 2011-12 as base year, the the Central Statistics Office (CSO) under Statistics Ministry on February 9 estimated the real GDP growth at 7.4 per cent in 2014-15 and 6.9 per cent in 2013-14.
The Parliamentary committee suggested the ministry to examine the possibility of revising the national accounts annually to pre-empt the kind of controversies and debates that being generated right now.