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
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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