Is the PMO giving Conflicting signals on the Economic front

[sob]

From the Prime Minister's Twitter Feed, a Puzzling View of Foreign Investment - NYTimes.com

Recent news on foreign direct investment (FDI) into India has been rather grim. India's central bank recently said that in the first two months of the fiscal year beginning April 1, 2012, FDI fell by 38 percent, dropping from $5.15 billion in the same period last year to a meager $3.2 billion this year. The news on foreign portfolio investment was equally grim – the net drain from the economy in this period was $1.4 billion, compared to a net inflow of $1.82 billion last year at this time.

By contrast, the official Twitter page of Prime Minister Manmohan Singh ran a series of cheery tweets on Monday.

"India is the 3rd most desirable destination for Foreign Direct Investment," said one.

"FDI inflows to S Asia turned around as a result of higher inflows to India, the dominant FDI recipient in the region" said another tweet.

"FACT: 'The two large emerging economies, China and India, saw inflows rise by nearly 8 percent and by 31 percent, respectively'," another boasted. The tweets cited the recently released World Investment Report 2012 by the United Nations Conference on Trade and Development (UNCTAD).

the apparent contradiction is more easily understood. The official statistics relate to the actual level of investment in the months of April and May of this year.The UNCTAD report, on the other hand, is based on much older statistics and a survey that asked a smattering of anonymous company executives from multinationals around the world where they might like to invest in the future.

 

[sob]

It is very clear that someone in the PMO is trying to be too clever by half, and is trying to airbrush the gloomy scenario, by presenting outdated data as current data.

 

[Daredevil]

Must be some PMO dork who just woke up from a long sleep and tweeting the nonsense.

 

[Predator]

PM has been held hostage by the NAC

Any policy change the commies in NAC dislike they use sonia to veto it

 

[sob]

Must be some PMO dork who just woke up from a long sleep and tweeting the nonsense.

This just gives a negative image about the country. Not required at all.

 

[sob]

First it was the President elect ( the erstwhile FM) who was fudging the papers in the Union Budget it now seems that the date being churned out by the various Government Departments is not being taken at face value.

Bankers and economists are increasingly questioning the economic data from these Government Departments.

India’s Economic Data Losing Credibility - India Real Time - WSJ

Frequent and sharp revisions in inflation and factory output data—key determinants of monetary policy—have confounded experts in recent months.

On Monday, India's inflation for April was revised upwards to 7.5% from 7.23%. And last week, the government revised India's industrial production data for April to show a contraction of 0.9% versus a growth of 0.1% as stated previously.

Government estimates missed their expectations by a shockingly large margin for January's factory output growth.
While initial estimates expected it to grow 6.89% from a year earlier, this was later revised down to 1.1%. Officials blamed this on incorrect sugar output data.

Unsurprisingly, the central bank has raised concerns on the reliability of government data.

 

[sob]

This is indeed shocking a few days the newspapers were full of IIP growth of 0.1%, but now it seems that there was a contraction of 0.9%.

Similar is the case with inflation numbers, 7.5% instead of the announced figures of 7.23%.

 

[Predator]

pranab fudged economic data to save face since he is a contender in the presidential elections

 

[sob]

But our useless opposition failed to nail him on this issue. They lost a golden chance.

 

[Singh]

This is not the first time murakhjee has fudged figures. I posted an article sometime back about fudging to the tune of 1-2% of gdp. For the life of me I can't remember what it was about particularly, but it had something to do with expenditures.