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.

Markets were volatile throughout the day and gained marginally after investors turned cautious ahead of consumer inflation and IIP data.

Firming crude oil prices in the global market is likely to cast its shadow on retail inflation, which has began to move northwards after hitting a low of 1.46 per cent in June, and may prompt the RBI to hold interest rates at least for some time in 2018.

Most of the economic indicators suggest that the Indian economy is on recovery after it touched the lowest -in last 13 quarters- of 5.7 for the period of April-June.

Tata Global Beverages September-quarter group consolidated net profit at Rs 144 crore versus profit of Rs 127 crore last year. Eicher Motors Q2 consolidated net profit at Rs 518 crore versus profit of Rs 413 crore last year. Shares slip 1.67 percent to 30,050 level.

After few months of economic gloom there is some good news for the Prime Minister Narendra Modi-led government. If economic data was denting the government's image and critics were having a field day, the latest data release brings cheer to the government.

Domestic institutional investors went ahead with more buying, while Indian rupee appreciating against the American dollar fuelled the rally.

Sectoral indices turned green across the board, with metal, realty and FMCG posting sizeable gains of up to 1.90 per cent. The NSE index Nifty was trading up by 43.25 points, or 0.42 per cent, at 10,139.65.

The benchmark Sensex went up 113 points and the NSE Nifty seized control of 10,000 level on Thursday as domestic investors raised the bar ahead of key industrial output numbers to be released later in the day.

The Monetary Policy Committee (MPC) met today for the second edition of bi-annual policy meeting to review the interest rates.

A portal is being planned for online collection of data on industrial production for greater accuracy in assessing the economic activity, Statistics Minister D V Sadananda Gowda said today.