........How critical this revamp is was best brought out by then RBI Governor D Subbarao when he said that the advance estimates of GDP for FY10 were initially 6.8%; this was later changed to 7.7% in the revised estimates in May 2010 and finally to 9.1% in the February 2011—a monetary policy that looked appropriate given the initial GDP would have looked loose given the final GDP numbers. Sadly, some of the biggest problems have been with the IIP, which is most critical for RBI. .........
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