Germane short-term data

Finally, all key economic indicators have one base year, but IIP could remain volatile

It is a capital mistake to theorise before one has data. Insensibly, one begins to twist facts to suit theories, instead of theories to suit facts.

— Sherlock Holmes, aka Sir Arthur Conan Doyle

And what if data do not capture reality?

Same result, and then some leading to erroneous conclusions that complicate policy making.

Just what was happening with the Index of Industrial Production (IIP) and the Wholesale Price Index (WPI) data, which were being calculated on an obsolete base year of 2004-05.

The revisions indicate how off the mark the previous series were, particularly in the case of IIP. For fiscal 2017, the