Why India’s economic data has sparked a furore

India’s statistical system once commanded respect, and its data on economic and social indicators was considered rigorous – that appears to have eroded There isn’t much that we Indians agree on these days. GDP numbers are no exception. Last week, India released glowing GDP numbers for the latest quarter – 7.8% growth – higher than the forecast 7%. It sparked a furore. Subhash Garg, a former finance secretary under Narendra Modi’s government and now a critic, reframed what Modi called a “herculean feat” as mere smoke and mirrors. According to Garg, the government revised last year’s current-price GDP downwards to inflate this year’s number – he believes the real growth is only 2.6%. Continue reading...

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