The Indian government reported a 7.8% rise in GDP for the first quarter of FY 2026‑27, prompting praise from the Prime Minister and the chief economic adviser. The figure was immediately challenged by former Finance Secretary Saurabh Garg, who claimed the true nominal growth was only 2.6%, sparking a political and statistical controversy.
The BRICS bloc, now comprising 11 nations and representing about 40% of global GDP, will hold its 2026 summit in India. The meeting is seen as a pivotal moment for emerging economies to influence worldwide economic dynamics.
Presenting Maharashtra as India’s industrial and financial powerhouse, the deputy CM said the State contributes nearly 14% of India’s GDP and attracts over 30% of the country’s Foreign Direct Investment.
India has been recording 7% plus growth in the post-pandemic years, but it is not enough to meaningfully improve the lives of the country's population. Here’s why:
SBI Ecowrap's report dismissed claims of missing funds in national accounts as unfounded fiction. It emphasized the reliability of Q1 FY27's GDP growth estimates, suggesting that revisions remain a normal statistical practice.
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India's updated gross domestic product methodology addresses past statistical issues, but downward nominal revisions and the sudden inclusion of the Producer Price Index raise credibility concerns.
Prime Minister Narendra Modi made the appeal on September 1 in a video posted on Instagram from the Shanghai Cooperation Organisation summit in Bishkek, linking domestic spending choices with India's goal of becoming a developed economy by 2047.
Dinakar attacks Oppn. over ‘misleading’ GDP growth claims
Japan’s JCR upgrades India’s sovereign rating to A- with a stable outlook after strong 7.8% GDP growth. Here’s what the BBB+ to A- upgrade means.
In this weekly Plain Facts compilation, we present to you data-based insights, with easy-to-read charts, to help you delve deeper into the stories reported by Mint in the week gone by.
Mint Explainer: A base-year revision allows the government to incorporate newer data sources, improve its methodology and better capture changes in the economy, which can look very different over five years.
“This is a devastating critique that requires straightforward responses from the government,” Tharoor said in a post on X quoting Congress leader Jairam Ramesh's statement.
BJP MP Anil Baluni said rebasing did not begin with Prime Minister Narendra Modi’s tenure, the present exercise was the ninth such revision since Independence, and there were five revisions when the Congress was in power
The opposition party also asked what methodology was adopted by the government to bring this revision while seeking an explanation for the reduction of ₹43 lakh crore in the estimated size of the economy.
Raghuram Rajan stated he has neither questioned nor endorsed India's GDP growth figures. He expressed confusion over the economy’s growth not leading to increased private investment, FDI, or job creation.
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Addressing a national workshop in New Delhi on leveraging free trade agreements, commerce minister Piyush Goyal said India's nine FTAs currently cover economies representing about $60 trillion in GDP and provide preferential access to nearly two-thirds of global trade.
Neelkanth Mishra of the World Bank defended India's 7.8% GDP growth, asserting that claims questioning its accuracy are incorrect.
