Talk:Economy of India

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Former featured articleEconomy of India is a former featured article. Please see the links under Article milestones below for its original nomination page (for older articles, check the nomination archive) and why it was removed.
Main Page trophyThis article appeared on Wikipedia's Main Page as Today's featured article on October 2, 2005.
Article milestones
DateProcessResult
August 10, 2005Peer reviewReviewed
August 18, 2005Featured article candidatePromoted
August 26, 2006Featured article reviewKept
July 16, 2011Featured article reviewDemoted
Current status: Former featured article

India GDP Figures FY23/24[edit]

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)[reply]

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is determined by previously published information rather than editors' beliefs, opinions, experiences, or previously unpublished ideas or information.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)[reply]
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)[reply]
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)[reply]
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)[reply]
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)[reply]
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)[reply]
Bangladesh page lists 2024 estimates. 14.139.192.254 (talk) 06:46, 14 April 2024 (UTC)[reply]
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)[reply]

@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)[reply]

This issue has come up again. The source for the data is the International Money Fund's World Economic Outlook database: October 2023.[1]

  • 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.[2] 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.[3]

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)[reply]

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)[reply]

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)[reply]

Semi-protected edit request on 19 March 2024[edit]

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)[reply]

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

Request for Updated GDP Figures for India in FY 2024-25 According to IMF Data[edit]

It has come to our attention that the GDP figures for India in the fiscal year 2024-25 have not been updated to reflect the latest data provided by the International Monetary Fund (IMF). Several countries, including USA China, Malaysia, Bangladesh, and many others, have already updated their GDP figures according to the IMF's October report. However, India's GDP figures remain unchanged.

We request that the GDP figures for India be revised to align with the latest data provided by the IMF for transparency and accuracy. It is puzzling why there seems to be reluctance to update India's GDP figures when other countries have done so without issue. We believe that all countries should be treated equally in terms of data reporting and urge for prompt action to ensure consistency and reliability in economic data. Both India Wikipedia page and Economy of India Wikipedia should be updated. Thank you for your attention to this matter. 2402:8100:26E1:592F:F0B2:E112:AC92:65B (talk) 06:45, 2 April 2024 (UTC)[reply]

This doesn't specifically require the use of the admin tools, so I have made this a standard help request.
Who is "we"? Wikipedia is only as good as the editors who choose to participate. You are welcome to propose sourced changes to this article here, on this talk page. 331dot (talk) 08:34, 2 April 2024 (UTC)[reply]
I also believe it's important to revise the GDP figures for India to match the latest data provided by the IMF for transparency and accuracy. It's unclear why there's hesitation in updating India's GDP figures when other countries have done so without any obstacles. Treating all countries equally in terms of data reporting is essential, and updating India's GDP figures would uphold consistency and reliability in economic data. Its a protected page and can't be edited without admin's help. TheDarkKnight433 (talk) 08:55, 2 April 2024 (UTC)[reply]
It is not admin-only protected, it is semi-protected, meaning that IPs and new users cannot edit it., but anyone else can.
Wikipedia is only as good as the editors who choose to participate. We can't force people to edit this article- people must be interested in doing so. You or anyone is welcome to make a formal edit request(click for instructions) to propose specific edits to this article. Edit requests need to propose specific changes- not just "update this". 331dot (talk) 09:12, 2 April 2024 (UTC)[reply]
It is 100% clear, because it has been discussed at Talk:Economy of India#India GDP Figures FY23/24 and Talk:Economy of India#Semi-protected edit request on 19 March 2024.
What they want it to replace the figures for FY2023-24 with October 2023 predictions of what the Indian economic figure will be for the financial year that started on 1 April 2024. Those figures cannot possibly be as reliable as figures for FY2023-24.-- Toddy1 (talk) 09:24, 2 April 2024 (UTC)[reply]
You're the only one who is opposing it. The request to change the data is already made. I just don't get it why do you have problem with only Indian economy? The rest of the pages of economy of different countries is already updated with the same reference of IMF 's October report. TheDarkKnight433 (talk) 09:34, 2 April 2024 (UTC)[reply]
If other articles are using projections instead of actual figures, you should go to the talk pages of those articles and request that actual figures be used instead. This isn't an anti-India issue. a331dot (talk) 09:50, 2 April 2024 (UTC)[reply]
It's not possible to go and talk to 100s of Wikipedia page using the same source. Instead, this is the best option to update the figure of Indian economy. TheDarkKnight433 (talk) 09:59, 2 April 2024 (UTC)[reply]
It is possible- but if this is an issue across many articles you could open up a single discussion in a central forum like the Village Pump. 331dot (talk) 10:01, 2 April 2024 (UTC)[reply]
Do you represent the Indian government? 331dot (talk) 09:52, 2 April 2024 (UTC)[reply]
The GDP figures for India in 2023-24 were also estimates or based on projections, as the Indian government typically provides GDP growth estimates rather than exact figures. Given this uncertainty and the lack of precise data from the Indian government, it is logical to treat the 2023 estimates of IMF also as potentially inaccurate or subject to revision. Therefore, the 2023 updates is also wrong to add here.
In conclusion, since only the IMF and World Bank possess the mystical powers to bestow upon us the sacred knowledge of economic data, it seems fitting to remove the GDP section from Wikipedia pages altogether. After all, why bother with pesky projections when we can bask in the glory of uncertainty and ambiguity? Let's embrace the void and bid farewell to the illusion of precision in economic reporting. Its best to close this discussion here as no solution will come out of it. Thank you for your help and discussion. TheDarkKnight433 (talk) 10:31, 2 April 2024 (UTC)[reply]
You didn't answer my question. Do you represent or work for the Indian government? 331dot (talk) 12:40, 2 April 2024 (UTC)[reply]
What if I say yes? Does that even matter? You're not even solving my query instead you're making it unnecessary more complex. TheDarkKnight433 (talk) 15:11, 2 April 2024 (UTC)[reply]
This section leads off with "It has come to our attention". You also say later "we request" and "we believe" so you represent or are associated with some sort of group or organization. It does matter because if that group has some interest in this topic it could require you to disclose a conflict of interest and/or a paid relationship with the topic. Disclosing a paid relationship is a Terms of Use requirement. If you do not give a yes or no answer, I will interpret that as a yes. 331dot (talk) 15:32, 2 April 2024 (UTC)[reply]
No, I'm not associated with any group. TheDarkKnight433 (talk) 15:36, 2 April 2024 (UTC)[reply]
Why did you say "our" and "we"? 331dot (talk) 15:41, 2 April 2024 (UTC)[reply]
My mistake. I'm new here and learning. TheDarkKnight433 (talk) 15:45, 2 April 2024 (UTC)[reply]
Okay. You will greatly increase the chance your request will be acted on if you make it more specific, in a "change X to Y" format. Just saying "update this" is unlikely to work. You must tell us what you want done and offer sources. 331dot (talk) 15:47, 2 April 2024 (UTC)[reply]
Okay, thanks for the info. TheDarkKnight433 (talk) 15:55, 2 April 2024 (UTC)[reply]
I propose updating the economy section of the India page to reflect the latest data, as several other countries have already done so. This update will enhance the transparency and accuracy of the information provided, ensuring reliability for Wikipedia readers. Thank you. TheDarkKnight433 (talk) 09:54, 2 April 2024 (UTC)[reply]
The edit request process is for proposing specific edits, not a general request of "update this". See the Wikipedia:General disclaimer; Wikipedia does not guarantee reliability. This is a volunteer project that is not always consistent with updates. 331dot (talk) 10:00, 2 April 2024 (UTC)[reply]

Some historians claim[edit]

​An editor has changed

  • Historians Tapan Raychaudhuri and Irfan Habib claim this state patronage for overseas trade came to an end by the thirteenth century ...

to

  • Some historians claim this state patronage for overseas trade came to an end by the thirteenth century ...

An obvious objection to the edit is MOS:WEASEL. But there is a citation for the sentence in the article, though if we remove the names, it is unclear whether the citation supports the fact that "some historians" say this, or whether the citation is to a work by the historians in question (the latter is the case).

But MOS:CLAIM is a much bigger objection. The sentence has been written as an expression of doubt. That doubt would be OK, if the Wikipedia article were giving a contrary view, or giving good reasons for that doubt. But that is not the case.

I propose that we change the sentence to: This state patronage for overseas trade came to an end by the thirteenth century ... -- Toddy1 (talk) 04:53, 6 April 2024 (UTC)[reply]

Regarding GDP figures[edit]

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 being 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) 12:17, 7 April 2024 (UTC)[reply]

Seems like someone has updated the GDP figures in infobox to 2024 but the data does not match what is available in the source link. The source being sighted lists 2024 GDP as $4.105 trillion and not the currently displayed $3.937 trillion. Could someone please update this? 203.116.193.193 (talk) 02:57, 17 April 2024 (UTC)[reply]

trade data[edit]

new trade data for FY 2023-24 has been released today the infobox ought to be updated. https://pib.gov.in/PressReleasePage.aspx?PRID=2017942 DataCrusade1999 (talk) 14:19, 15 April 2024 (UTC)[reply]

India’s PMI figures are nearly 4 months old[edit]

India’s latest PMI figures in march for manufacturing is 59.1 [4] and services is 61.2 [5]

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

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