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New GDP calculation transforms India into a Tiger economy

New Delhi has changed the base year and now uses market prices instead of factor costs to calculate its GDP.

The new numbers put India's full-year growth on par with China's and its October-December 2014 quarter even clocked an impressive 7.5 per cent growth, beating Beijing's 7.3 per cent for the same period.

IT'S not often that a change in the method of calculation can turn a country - erstwhile growing at a tepid rate - into the world's fastest growing major economy. But that's exactly what happened when India announced on Monday its advance estimates of GDP (gross domestic product) growth for