Archive · 7 Sep 2026
Subhash Garg Says GDP Revision FAQs Lack Supporting Data
India changed the way it calculates its GDP, which is the value of goods and services produced.
Subhash Garg says the new calculation makes some GDP totals much smaller than before.
For 2024-25, he says the difference was Rs 12.69 trillion.
He also compares two estimates for the first quarter of 2026.
The government reported 10.3% nominal GDP growth for that quarter.
Garg says growth would have been only 2.6% if the older GDP figure were kept.
He also says real growth would have been close to zero using the government’s deflator.
The Ministry of Statistics and Programme Implementation issued a clarification, but Garg argues that it does not provide enough supporting data.
Subhash Garg says India’s revised GDP series reduces 2024-25 current-price GDP by Rs 12.69 trillion.
The new 2024-25 GDP estimate is Rs 317.99 trillion, compared with Rs 330.68 trillion in the old series.
For Q1-2026, current-price GDP was revised from Rs 86.05 trillion to Rs 80.00 trillion.
Garg argues that using the old Q1 figure would imply 2.6% nominal growth rather than the government’s reported 10.3%.
The Ministry of Statistics and Programme Implementation issued a clarification addressing the concerns, but Garg says it lacks crucial supporting data.
- Who
- Subhash Garg, the Government of India, and the Ministry of Statistics and Programme Implementation.
- What
- A debate over large differences between India’s old and revised GDP estimates, especially current-price figures.
- When
- Garg’s earlier article was published on 2 September; the discussion concerns Q1-2026 and FY 2026-27 estimates.
- Where
- India.
- Why
- Garg says the revised GDP figures and the government’s clarification do not provide enough supporting data to explain the changes.
- 2024-25 new-series GDP
- Rs 317.99 trillion at current prices.
- 2024-25 old-series GDP
- Rs 330.68 trillion at current prices.
- Reported 2024-25 reduction
- Rs 12.69 trillion.
- Q1-2026 old-series GDP
- Rs 86.05 trillion at current prices.
- Q1-2026 new-series GDP
- Rs 80.00 trillion at current prices.
- Government-reported nominal growth
- 10.3% for the quarter.
- Garg’s alternative nominal-growth estimate
- 2.6% if the old GDP figure were used unchanged.