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Wednesday, September 09, 2009

Credibility is a lost virtue

Yesterday's (8th September 2009) Economic Times carried three news items related to India's projected economic growth for the yer 2009-10. While the Indian Finance Minister Pranab Mukherjee was adamantly sticking to his and his government's projection of a 6.5% GDP growth, the Chairman of ICICI Bank had given his own projection of 7% to 7.5% GDP growth. On the other hand one of the United Nations agency had projected a 5% growth for India.
Indian current GDP is approximately $ 1.26 trillion. A 0.5% increase means $0.006 trillion. How can three estimates vary so widely? And how do a newspaper like Economic Times decides to publish all three stories in one day?
Where is the credibility of news?

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