Wednesday 14 December 2011
RBI data exceeds Commerce Ministry figures by $7.2 billion
the government lowered the April-October export numbers by $8.8 billion to $171 billion from $179.8 billion, citing human and computer errors for the original overstatement.
This revision, which largely pertained to the April-June quarter, had come after doubts were raised about excessively rosy export data in the backdrop of a global economy that was slowing down rapidly. But the discrepancy that has now arisen between the commerce department and Reserve Bank data could cause further embarrassment to the government.
The central bank's data is considered to be more reliable as it is based on actual payment basis. The government may, therefore, have to restate the revised figures again or find a plausible explanation to rule out the possibility of exports mis-pricing to bring back black money.
"The concerned officials are looking at the exports numbers again," said a government official, adding that another revision was possible. Unlike the first round, this time the revision will have to be in the upward direction if the export data has to be reconciled with the RBI figures.
This revision, which largely pertained to the April-June quarter, had come after doubts were raised about excessively rosy export data in the backdrop of a global economy that was slowing down rapidly. But the discrepancy that has now arisen between the commerce department and Reserve Bank data could cause further embarrassment to the government.
The central bank's data is considered to be more reliable as it is based on actual payment basis. The government may, therefore, have to restate the revised figures again or find a plausible explanation to rule out the possibility of exports mis-pricing to bring back black money.
"The concerned officials are looking at the exports numbers again," said a government official, adding that another revision was possible. Unlike the first round, this time the revision will have to be in the upward direction if the export data has to be reconciled with the RBI figures.
