Montek Singh Ahluwalia said that while there have been instances of revision in data which raise questions on its credibility, there was a need for a non-interference in the work of the statistics commission.

Tepid earnings by some more companies and foreign fund outflows also dampened trading sentiments, brokers said. After opening on a positive note, the BSE Sensex advanced to hit an intraday high of 36,465.40 points in opening trade, driven by a firming trend at other Asian markets.

Suppression of unpleasant employment data will not help; proper analysis of such data and strategic planning will do.

The fall was led by L&T, IndusInd Bank, PowerGrid, NTPC, TCS, ICICI Bank, Axis Bank, Hero MotoCorp, Bharti Airtel and SBI, declining up to 2.64 per cent.

The GDP growth is slower than the first quarter growth of 8.2 per cent, though is better than the 6.3 per cent growth registered during the same quarter the previous year.

Bourses would remain closed on Wednesday and Thursday for 'Diwali Laxmi Pujan' and 'Diwali Balipratipada'. The BSE and NSE will conduct a special 'Muhurat' trading session on Wednesday.

India has a huge official data and statistics problem and the problem is only growing bigger by the day.

Editor's note by Prosenjit Datta

DGCA grounds 11 GoAir, IndiGo aircraft with faulty enginesThe Directorate General of Civil Aviation (DGCA) has ordered the grounding of 11 Airbus A320neo aircraft operated by budget carriers IndiGo and GoAir that are equipped with Pratt & Whitney PW1100G engines with certain serial numbers. The regulator's directive came just hours after yet another mid-air incident. An IndiGo aircraft with the affected engine on the Ahmedabad-Lucknow route developed a mid-air snag shortly a...

In January, the index expanded by 4 percentage points from 7.1 per cent in December. Registering a 25-month-high, the industrial growth had grown 8.8 per cent in November.

It's official now. India has snatched back the title of the world's fastest growing major economy from China, going by the encouraging 3rd quarter growth numbers released by the Central Statistics Office (CSO) yesterday.

The government will change the base year to 2017-18 for the calculation of GDP and IIP numbers while for retail inflation the year will be revised to 2018, Union minister DV Sadananda Gowda said on Thursday.

Benchmark Sensex succumbed to fag- end profit-booking to end 144 points lower on Wednesday after banking stocks tumbled on RBI's new norms for recognising stressed assets.

Reflecting investors' optimism, markets closed at record highs today. Sensex gained 251 points and closed at 34,843. Nifty ended the day at 10,741.55, gaining 60 points from the previous close. Investors cheered strong IIP numbers that rose to 25 month high of 8.4% in November.