........A pertinent question raised by Mr. Chidambaram has to do with the rationale, the reasons behind such a sharp downgrade: what is the significant bad news that the IMF has received between July and September to warrant such a steep downgrade? Many others too have made the point that the IMF’s methodology for calculating national accounts statistics is based on market prices whereas India publishes its estimates on factor cost. The Central Statistics Office (CSO) does give calculations on market prices also but those at factor cost are the usual reference point..........
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