Revision of GDP data comes as a shock: Mark Mobius

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Revision of GDP data comes as a shock: Mark Mobius

Referring to the revision of the FY18 gross domestic product (GDP) growth rate to 7.2 percent from 6.7 percent, legendary investor Mark Mobius told CNBC TV18 that the revision of the government data shocked him.

“The current growth rate of 8 percent makes sense for India. We have to take a lot of these statistics with a grain of salt but I think it is quite a shock at this stage to see this happen in India,” he told the channel.

Centre revises FY18 GDP growth rate to 7.2% from 6.7%

According to the new estimates, India’s real GDP grew 6.4 percent, 7.4 percent and 8.0 percent in 2013-14, 2014-15 and 2015-16, respectively, from 6.1 percent, 7.1 percent and 8.1 percent.

“The Indian government should be transparent and open all its books to the public,” Mobius said.

Mobius, however, added that a slight deviation in data does not matter. The investor also expressed confidence that the Indian numbers are good and credible despite revision.

Catch LIVE updates of the Union Budget 2019-20 here. 

The Reserve Bank of India (RBI) and the government will infuse capital to bailout troubled banks, according to the ace investor.

With respect to the interest rates, Mobius said that there is room for lower interest rates and he hopes that the central bank may lower the interest rates. He also hinted that the tax revenue may go up given the formalisation of the economy.

However, he said that he is worried about a slowdown in consumption.

Indian Union Budget 2019: What does the FM have up his sleeve in the run up to the General Elections? Click here for live Budget 2019 news, views, analyses and more.

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

2019-02-02 15:58:17

Images are for reference only.Images gathered automatic from google.All rights on the images are with their original owners.

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