MoSPI Defends GDP Data and Rebuffs Subhash Chandra Garg's Criticism
· Business · Indian Express, India Today
The Ministry of Statistics and Programme Implementation issued a six-point rebuttal on Wednesday defending its GDP growth figures and methodology. MoSPI dismissed claims made by former finance secretary Subhash Chandra Garg, who argued that real GDP growth for the first quarter of 2026-27 should be close to zero and nominal growth at 2.6 percent. Official data released on Monday showed India's GDP grew by 7.8 percent in the April-June quarter, exceeding the Reserve Bank of India's forecast of 7 percent. Past data revisions were driven by the adoption of the new Producer Price Index, updated Index of Industrial Production figures, and the Banking Services Price Index. MoSPI clarified that the older Rs 86.05 lakh crore figure used a 2011-12 base year, whereas the new series uses 2022-23.
Why it matters
Public disagreements between economic experts and government statistical bodies affect market confidence and the perceived reliability of official economic indicators.
Read the original report — Indian Express
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