Former Finance and Economic Affairs Secretary Subhash Chandra Garg has raised questions over India’s reported 7.8% GDP growth in the April-June quarter, saying the figure needs closer examination.
Garg said the comparison has become difficult because the base used for calculating growth has changed. According to him, the previous year’s first-quarter data was released under an older GDP series, while the latest figures use a revised series.
He said GDP growth at current prices, also known as nominal GDP growth, provides another important perspective.
Garg pointed to revisions in the current-price GDP figures and claimed that, based on previously released numbers, nominal GDP growth for the quarter could be below 2.5%.
The former finance secretary said these changes and revisions raise doubts about whether the 7.8% growth figure fully reflects actual economic activity.
His remarks have added to the ongoing debate surrounding India’s latest GDP growth data and the impact of revisions under the new series.