PSWI should be the only index that should be used to indicate the status of our economy. It includes both formal and informal economies and also portions of economies that are not known to the governments. If at all there is any slow down then that growth rate of PSWI will slow down and it will never get negative.
The PSWI calculation is simple and is given as follows:
Here Public Servants Grouping (PSG) include a large family of people from the society such as
- The Public Servants
- The servants of public servants. This inclusion is needed because we have see the servants of public servants giving huge gifts to the public servants
- The family and friends of Public Servants
- The Trusts run by anyone of the above groups
- The closest of relatives of the public servants and their trusts, etc
This number will give an index about the economic activity that is happening. The PSG should be given 100% immunity from any kind of prosecution for honest reporting for life because even them there is no guarantee that they will tell the truth. We have seen recently a son of a top ex-minister doing u turns about his foreign bank accounts and we can be sure the same will be the case of most of the public servants.
The biggest obstacle is getting the correct data but with AADHAR and simple surveys into any locations would give information about the latest addition in wealth of the public servants. This is the only measure of true economic activity of our nation for a long times to come. Since this number in incomputable, the real status of our economy will never be known in spite of the best of works by statisticians.
The news traders and other survey experts can do a survey and tell the nation about PSWI and then we can see how well our economy is doing. Until then it is only facts pulled out of thin air.