Jan 2012 IIP data revised from 6.80% to 1.10%. What's the reliability now?

Finance minister Pranab Mukherjee said,

"I can understand if there is error in calculating 0.1% of 0.2%, but from 6.8% to 1.1%, it is totally baffling," Mukherjee told reporters, commenting on the sharp revision of the IIP growth rate for January from 6.8% to 1.1%.

"We shall have to ensure that government data, their integrity should not be challenged...I have asked concerned authorities to look into it that why it has taken place and they should be much more careful in the future."

Reason given -

Chief statistician TCA Anant said,

"Subsequent to the release (of IIP data for January 2012), it has been detected... that the sugar production was wrongly taken as 134.08 lakh tonnes in place of actual figure of 58.09 lakh tonnes,"

Well, now just think how is that possible? If this is the way of releaseing fundamental data then I must say that its of no use of even releasing these data. Now a day, it become a habit to release data and then modify those later. One must note that stock market is reacting with those data at the time release.

If we say that India is a upcoming super-power then this is strongly not the way to move forward. You must oppose strongly with these actions.

Stop this unfair data

Regards,
Praveen Kumar