Talk:Economy of India/Archive 5

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India’s PMI figures are nearly 4 months old

India’s latest PMI figures in march for manufacturing is 59.1 [1] and services is 61.2 [2]

can anyone update it? Nexus Royce (talk) 13:33, 21 April 2024 (UTC)

All Countries Economic Development Policies Amendments Needed for Changes

Hi,All partners and Jv's of institutional at all levels of global economic development.In terms of the challenges of economic growth from country to country as well as superpowers of technologies that's changing overtime to overnights and all shows social problems growth is more than economic development growth.So amendments must and shall force people to challenge the movement of the economy to collapse because more of us/we gone to be educated and no occupational on with all the knowledgeables we gain for us/we/I to implement at all levels of economic development growth and if we/us/I not change and challenge this powerful economic development growth that act against humanitarian and thats limit social goals and thats only enrich the economy ownself that denies changes of and end colonial economic powers thats are no longer help to meet the real status of current economic development grower considerations at all levels.Amooketsi simplicity at all levels of grower of all growers — Preceding unsigned comment added by 41.113.235.252 (talk) 11:11, 27 April 2024 (UTC)

Mumbai Infobox Picture

The picture in the Infobox has been changed again. I believe it was previously established there are no copyright violations for the previous picture but there seems to be a consistent effort to change it to something less grand and less reflective of Mumbai's growing economic clout. Could I please request the picture be changed back to the previous one? 2406:3003:2007:EC3:BD9D:67E1:D058:34ED (talk) 06:01, 1 May 2024 (UTC)

India GDP Figures FY23/24

The GDP figures currently shown on this page are 11 months stale. The page is currently showing figures for Financial Year ending March 2023. We are a month away from close of financial year (march 2024) and for anyone visiting the page the most recent GDP and per capita GDP figures should be shown. The criteria should be which figure would be more useful for someeone viewing the page now? March 2023 or March 2024 Estimate? 2406:3003:2007:4A5:AC3E:D24B:E59C:241D (talk) 08:12, 10 February 2024 (UTC)

The criterium is at Wikipedia:Verifiability, which says that: In the English Wikipedia, verifiability means other people using the encyclopedia can check that the information comes from a reliable source. Its content is determined by previously published information rather than editors' beliefs, opinions, experiences, or previously unpublished ideas or information.

The GDP data in the infobox are supported by a citation to the IMF World Economic Outlook database: October 2023. So we use what the source says.-- Toddy1 (talk) 09:26, 10 February 2024 (UTC)

Thank you for the reply. The same source also has estimated 2024 figures. My contention is that 2024 figures should now be used in the article for both GDP , GDP Per Capital, GDP (PPP) and GDP Per Capital (PPP). 2406:3003:2007:4A5:AC3E:D24B:E59C:241D (talk) 15:00, 10 February 2024 (UTC)

I’m afraid you have misunderstood the original data. FY24 or financial year 2023-2024 ends with 3.732 trillion which is in march 2024. You have updated data of Financial year 2024-2025 which will reach 4 trillion by march 2025. Furthermore, financial year 2024-2025 hasn’t even started yet. Nexus Royce (talk) 09:54, 22 February 2024 (UTC)

If that's the case then change the economy of bangladesh as well. There, the estimates is from 2024. Please, correct it as well. Sak7340 (talk) 18:59, 29 February 2024 (UTC)

Sure, someone should raise their issue in their economy talk page too and let their editors change it. Nexus Royce (talk) 18:09, 13 March 2024 (UTC)

For now, someone should revert the changes back to nominal 2023. The growth rate of FY 2022-2023 is also wrong since it was updated to 7% as per the revision

Also to your point about Bangladesh’s wiki, check again. They have corrected to 2023 figures Nexus Royce (talk) 18:13, 13 March 2024 (UTC)

Bangladesh page lists 2024 estimates. 14.139.192.254 (talk) 06:46, 14 April 2024 (UTC)

The Bangladesh wiki mods are confused and keeps changing it. Anyways, my comment was made in February but now it’s April where India’s financial year 2024-2025 has started. The current stats are just projections but we will get FY24 (2023-2024) official data on May 31st Nexus Royce (talk) 13:20, 21 April 2024 (UTC)

@V952010: before reverting, you should participate in discussion, and provide reliable source. Seems like you're confused. Take a look at this discussion and feel free to ask any question. Dinesh | Talk 13:42, 15 March 2024 (UTC)

This issue has come up again. The source for the data is the International Money Fund's World Economic Outlook database: October 2023.^[3]

• The present figures are marked as 2023.
• Shannu Nadh thinks that it would be better to use the figures in the same source marked 2024.^[4] According to Shannu Nadh, the IMF's 2024 figures represent the Indian financial year FY 2024-25, which starts on 1 April 2024.

The figures in the database for 2024 were a prediction about the future. Wikipedia is not meant to be a crystal ball (see WP:CRYSTALBALL).

On his talk page, Shannu Nadh wrote: No, the values I have mentioned are already in the mentioned source (IMF data), and when it comes to economics, there is not space for past values in the present and future. there is a term called advanced estimates which is used for the current and immediate projections and revised estimates which are used at the end of the fiscal year. The prediction case which you have said would have been true if the data mentioned was forecasting upcoming 2 years. but the data mentioned is in the current year itself and fiscal year of 24-25 which is going to be started in the next 3 days.^[5]

What do other people think? Is is best to have figures for 2023, or an October 2023 prediction about FY 2024-25?-- Toddy1 (talk) 16:34, 27 March 2024 (UTC)

I think the infobox should be updated now to reflect FY 2024-25 figures from IMF.

But I'm inclined for the infobox to be updated after 15 April-2024 because then we would have the data of total Import and Export also.

Regarding the apprehension that some have displayed with regards to IMF figures beign predictions and all. I would like to remind everyone that according to Indian governments own estimates the economy isn't 3.7 trillion dollars it's bit less than 3.7 this data can be seen in the latest GDP data on MOSPI website.

So if we truly want to have pinpoint accuracy then we should use that data and anyways the actual figures regarding the true size of the GDP come with a 2 year lag earlier it used to be 3 but Government scrapped further revision to the estimates after 2 year. DataCrusade1999 (talk) 13:22, 1 April 2024 (UTC)

I think it's better to use stats of a year which has just been finished to be the most accurate. The 2024-2025 data remain as projections Nexus Royce (talk) 12:44, 12 May 2024 (UTC)

Checking which IMF year corresponds to which Indian fiscal year

• pib.gov.in press release: Nominal GDP or GDP at Current Prices in the year 2022-23 is estimated to attain a level of ₹ 272.04 lakh crore, as against ₹ 234.71 lakh crore in 2021-22, showing a growth rate of 15.9 percent.
• IMF database (all fields) October 2023 Gross domestic product, current prices
  • 2020 ₹ 198,299.300 bn
  • 2021 ₹ 234,710.100 bn
  • 2022 ₹ 272,407.100 bn
  • 2023 ₹ 301,054.691 bn
  • 2024 ₹ 333,219.036 bn

i.e. FY2021-22 corresponds to IMF 2021, and FY2022-23 corresponds to IMF 2022.-- Toddy1 (talk) 20:38, 27 March 2024 (UTC)

Semi-protected edit request on 19 March 2024

The current gdp size of Indian economy is 4.11 trillion Usd.

source : International Monetary Fund https://www.imf.org › profile › IND IMF Data Mapper ® — Preceding unsigned comment added by Sadhukha2002 (talk • contribs) 22:40, 19 March 2024 (UTC)

That data is a prediction dated October 2023 for the Indian GDP in FY2024-25.-- Toddy1 (talk) 13:30, 1 April 2024 (UTC)

Yeah, but FY 2024-25 is already started. So, we have to update this estimates. 2402:8100:26E1:592F:F0B2:E112:AC92:65B (talk) 13:59, 1 April 2024 (UTC)

It would be wrong to do so. FY2024-25 started on 1 April 2024. It is much better to have data on FY2023-24. The infobox should summarise simple information about the economy - so nice verifiable figures are much better than predictions about the future.

If you think that predictions belong in the article, there is no harm in having a table showing past, present and predicted future figures in the body of the article, but they need to be supported by citations and clearly labelled (including the date of the predictions). For all I know there will be a new great flood, and the world population will be exactly 2 at the end of the year.-- Toddy1 (talk) 19:57, 1 April 2024 (UTC)

If we are not updating the estimates of the FY-24, then we have to change all the datas of different countries as well, it will become hectic. Please give solution to this issue also. 2402:8100:26E1:592F:F0B2:E112:AC92:65B (talk) 21:05, 1 April 2024 (UTC)

I said this above and I'll say it here too.

I think the infobox should be updated now to reflect FY 2024-25 figures from IMF.

But I'm inclined for the infobox to be updated after 15 April-2024 because then we would have the data of total Import and Export also.

Regarding the apprehension that some have displayed with regards to IMF figures beign predictions and all. I would like to remind everyone that according to Indian governments own estimates the economy isn't 3.7 trillion dollars it's bit less than 3.7 this data can be seen in the latest GDP data on MOSPI website.

So if we truly want to have pinpoint accuracy then we should use that data and anyways the actual figures regarding the true size of the GDP come with a 2 year lag earlier it used to be 3 but Government scrapped further revision to the estimates after 2 year here is the link https://economictimes.indiatimes.com/news/economy/policy/mospi-reduces-no-of-gdp-estimates-timeline-by-a-year/articleshow/108083104.cms?from=mdr. DataCrusade1999 (talk) 13:22, 1 April 2024 (UTC)

True! According to IMF april 2024’s database, our 2023 nominal gdp is $3.57 trillion. We will get the actual data on May 31st Nexus Royce (talk) 13:22, 21 April 2024 (UTC)

Indeed, verifiable figures are much better than predictions since a lot can change in a year Nexus Royce (talk) 12:46, 12 May 2024 (UTC)

Semi-protected edit request on 3 June 2024

Change 7.8% to 8.2% for fy23-24 https://edition.cnn.com/2024/05/31/business/india-gdp-q4-growth-intl-hnk/index.html 2405:201:5400:B00F:35B3:4FDC:D3CF:8EE0 (talk) 06:55, 3 June 2024 (UTC)

 Done Addtional cleaning as well. Regards, Goldsztajn (talk) 05:26, 15 June 2024 (UTC)