In 4Q14 IN Asserts Its GDP Growth Rate (7.5%) Higher Than CN's (7.3%); 3Q Too

choi

Eric Bellman, India Passes China to Become World’s Fastest-Growing Economy. China Real Time, Feb 11, 2015.
blogs.wsj.com/indiarealtime/2015/02/11/its-official-india-has-passed-china-to-become-the-worlds-fastest-growing-economy/
("Late Monday, India’s statistics ministry surprised economists when it unveiled the new numbers for the growth of India’s gross domestic product. It ratcheted up India’s GDP growth figures using a new methodology that pegs expansion in Asia’s third-largest economy at 7.5% last quarter and 8.2% the quarter before that. Economists and the ministry, using the old methodology, had originally said growth was closer to 5.5% during those quarters")

(2) Raymond Zhong and Anand Vijay Kala, India Changes GDP Calculation Method Statistics Ministry; Changing Base Year for Benchmark, Switches to Market-Price Calculation. Wall Street Journal, Jan 31, 2015
www.wsj.com/articles/india-chang ... n-method-1422622762

two consecutive paragraphs:

"Since January 2010, the base year for India’s statisticians had been the 12 months that ended in March 2005. From now on, it will be the year that ended March 2012. The revised calculation also incorporates more-comprehensive data on corporate activity and newer surveys of spending by households and informal businesses.

"The government also said Friday that its benchmark measure of economic growth will henceforth be based on market prices, not on factor costs. The latter method, which India had previously preferred, tabulates economic activity based on the costs of production, whereas the other method is based on the amounts paid by consumers. Most countries and international bodies calculate GDP based on market prices.

My comment: These two methods are just world's standards. My only question is why India does not do it earlier.