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.
Uttar Pradesh aims to balance a massive infrastructure and tech-driven investment push with strict fiscal discipline, keeping its deficit under 3% of Gross State Domestic Product.
Federal Reserve Governor Christopher Waller is inclined to remain patient on interest rates, influenced by upcoming inflation data. He noted he might consider a rate hike if inflation data shows progress towards the 2% goal, acknowledging some signs of disinflation.
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.
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.
Opposition parties and some experts have questioned the government's latest GDP data. Mint examines the allegations and whether there is any merit to the concerns.
A methodological shift and routine revisions to India's GDP data have caused confusion over official statistics and critics' claims, even as headline growth struggles to lift living standards.
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.
Services activity accelerated in August, but weak new-business growth and intense competition kept the sector’s expansion near its weakest level in more than four years, even as hiring hit a 15-month high.
In July 2019, Garg took voluntary retirement from service, a day after he was moved to the Power Ministry in a broader reshuffle just three weeks after the presentation of the Union Budget. Garg's scheduled retirement was in October 2020.
The government issues a detailed clarification in a question-and-answer format, refuting allegations of artificially pushing up the real growth rate for the June quarter to 7.8% and the nominal expansion rate to 10.3%.
India's economy grew at a faster-than-expected rate, showing resilience against concerns of an economic downturn over the US-Iran war, the latest numbers show.
Bidding for the land, located in front of and behind Sangarmaal, began at 11am on 25 August and continued into the early hours of 26 August. The highest bid reached ₹421.75 crore on a full-lease basis.
The RBI revised its FY27 GDP growth forecast to 6.7%. PM Modi emphasized India's 7.8% real GDP growth in Q1 FY27, urging for local consumption and to avoid non-essential spending, noting the importance of conserving foreign exchange for continued growth.
A sovereign credit rating is a composite measure of several elements that affect a country’s ability to service its debt obligations. Instead of treating it as a badge of national prestige, it is more useful to engage with its many dimensions.
The state is also actively engaging other global manufacturing hubs during the same period. A state delegation led by Minister Keerthana will travel to Taiwan on September 4 to participate in the Semicon conference.
Japan Credit Rating Agency upgraded India’s sovereign credit rating to A- from BBB+ citing strong economic growth, fiscal consolidation, a healthier financial system and resilient external finances. JCR expects India to grow over 6% in FY27 but flagged high government debt as a key risk.
