Archive · 3 Sep 2026
SBI Rejects Claims of India’s GDP Growth at 2.6%
Some estimates said India’s economy grew by only 2.6% in the latest quarter.
The State Bank of India disagreed with that number.
SBI said the estimate came from comparing two different figures.
Those figures were ₹88.3 lakh crore and ₹86.1 lakh crore.
SBI called the first figure the “A series” and the second the “C series.”
Using those numbers produced the 2.6% result.
SBI said the growth rate should instead be 10.3%.
The bank described the calculation as unsolicited and intellectually dishonest.
SBI rejected estimates that India’s nominal GDP growth was 2.6% in the latest quarter.
The SBI report said the estimate used ₹88.3 lakh crore divided by ₹86.1 lakh crore.
SBI said this calculation produced 2.6% annual growth instead of 10.3%.
The report referred to ₹88.3 lakh crore as the “A series.”
SBI called the calculation “completely unsolicited” and a sign of “intellectual dishonesty.”
- Who
- The State Bank of India and unnamed estimates cited in its report.
- What
- A dispute over whether India’s latest-quarter nominal GDP growth was 2.6% or 10.3%.
- When
- The latest quarter; the articles do not specify the quarter or date.
- Where
- India.
- Why
- SBI said some estimates calculated annual growth by comparing ₹88.3 lakh crore with ₹86.1 lakh crore, which it rejected as an inappropriate calculation.
SBI’s Position
Alternative Estimates
GDP growth calculation
SBI’s Position
SBI said India’s nominal GDP growth was 10.3% and rejected the 2.6% estimate.
Alternative Estimates
Some estimates calculated 2.6% annual growth by comparing ₹88.3 lakh crore with ₹86.1 lakh crore.
Assessment of the method
SBI’s Position
SBI called the calculation inappropriate, unsolicited and intellectually dishonest.
Alternative Estimates
The cited estimates used the comparison of the A series and C series figures, though the article does not provide their response to SBI’s criticism.
- Disputed growth estimate
- 2.6% nominal GDP growth
- SBI’s stated growth figure
- 10.3%
- A series figure
- ₹88.3 lakh crore
- C series figure
- ₹86.1 lakh crore
- Source
- State Bank of India report
- SBI’s characterization
- The calculation was “completely unsolicited” and a sign of “intellectual dishonesty”