India’s economic growth was revised upward to 6.9% in financial year 2013-14 from an earlier 4.7% on Friday after the government changed the formula to measure the economy by matching it with international standards, PTI reported. The new formula will capture the total value of goods and services produced in informal and under-represented sectors, besides items like LED televisions and smartphones. Data on informal and under-represented centers is now better captured by mining databases like Census 2011, National Sample Survey Organization’s (NSSO) employment-unemployment, Consumer Expenditure Surveys for 2011-2012, the debt and Investment Survey of 2013, the Annual Survey of Industries (ASI) 2012-2013, and All India Livestock Census, 2012.
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