Why Was ₹6 Lakh Crore Shaved Off Last Year’s GDP? Govt Explains the Numbers
Garg said revised base-year figures and weak manufacturing and consumption cut the government’s reported quarterly growth to 2.6 percent.
- India's economy grew 7.8% during the April-June quarter of FY27, according to the Government of India, surpassing the Reserve Bank's more conservative 7% estimate.
- Recalculating against the original, unrevised base, Garg argued that real quarterly GDP growth was closer to 2.6%, contending the higher figure resulted from adjusting prior-year numbers.
- Garg noted the base figure was revised down to Rs 80 lakh crore, a change of roughly Rs 6 lakh crore, and cited 'negative growth of consumption' undercutting official growth claims.
- Pressed on whether he was hinting numbers were revised for appearance, Garg reiterated he was 'responsibly making that statement' about the need to 'recognise the reality' of economic weakness.
- Prime Minister Narendra Modi hailed the figures as proof of the country's 'collective strength' against 'doomsayers,' while Congress flagged concerns over weak agricultural growth and rising debt.
36 Articles
36 Articles
Amid GDP row, BJP MP's 2018 letter to PM Modi criticising Subhash Garg resurfaces
An old 2018 letter by BJP MP Nishikant Dubey to Prime Minister Narendra Modi criticising Subhash Chandra Garg has resurfaced after Garg questioned the latest GDP figures. The episode has revived Dubey's earlier objections to Garg's fiscal approach and brought their policy clash back into focus.
7.8% or 2.6%? Modi Govt vs Subhash Chandra Garg on India’s GDP Q1 numbers - Who said what
The Congress party cited criticism by former finance secretary Subhash Chandra Garg on GDP numbers to attack the government, saying it must understand that ‘PR can polish the picture’ of GDP but not the economy itself.
After India's first quarter GDP growth of 7.8%, the debate about calculating the figures has intensified. In Aaj Tak's debate show “Dangal”, former Finance Secretary Subhash Chandra Garg and member of the Economic Advisory Committee to the Prime Minister Gaurav Vallabh expressed their arguments on this issue. Garg claimed 2.6% growth citing the difference between the old and new figures, while Vallabh defended the new GDP series and the changed …
MoSPI Rejects Claim That Last Year's GDP Was Revised Down to Boost Q1 FY27 Growth
Get latest articles and stories on Business at LatestLY. The Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday rejected claims that last year's GDP estimate was revised down to make economic growth in the first quarter of FY27 appear stronger, saying the change was the result of a new base year, improved data sources and updated methodology. Business News | MoSPI Rejects Claim That Last Year's GDP Was Revised Down to Boost…
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