A Nomura report has said that the new series for industrial production and wholesale prices suggest that the GDP numbers for financial year 2016-17 could be revised up from 6.7 per cent to 7.4 per cent. As per reports, the Central Statistical Office (CSO) revised India's wholesale price index (WPI) and industrial production (IP) series last week, changing the base year to 2011-12 (from 2004-05).
Commenting on the issue, a Nomura Official told the media, "We estimate that GVA growth will be revised up to 8.2 per cent (from 7.8 per cent) for 2015-16 and to 7.4 per cent (from 6.7 per cent) for 2016-17."
“The GDP numbers are scheduled to be released on May 31. 2016-17 GDP growth may also be revised up to 7.8 per cent (from 7.1 per cent in the second estimate), with both consumption and investment growth likely to see upward revisions,” he added.