6 hrs ago
Congress Challenges Government’s GDP Growth Claims Over Revisions
The Congress party questioned how India’s GDP growth numbers were calculated.
It shared comments from former finance secretary Subhash Chandra Garg.
Garg said the government changed the GDP number for the previous year by about Rs six trillion.
Because of that change, the latest first-quarter growth figure looked much higher.
He said growth at current prices would have been 2.6% without the change, instead of about 10.3%.
Jairam Ramesh said this meant real growth was closer to 2.6% than 7.8%.
The Congress argued that changing numbers cannot make the economy stronger.
The government’s own response was not included in the article.
Congress cited former finance secretary Subhash Chandra Garg’s remarks to question recently reported GDP growth figures.
Garg said revising the previous year’s GDP by about Rs six trillion raised the current year’s first-quarter growth at current prices to around 10.3%.
Garg reportedly said growth at current prices would have been 2.6% without the previous year’s GDP revision.
Congress leader Jairam Ramesh said the figures showed real GDP growth of about 2.6%, rather than 7.8%.
Ramesh accused the Modi government of using statistical manipulation and said stronger economic performance requires acknowledging ground realities.
- Who
- The Congress, Jairam Ramesh, and former finance secretary Subhash Chandra Garg.
- What
- The Congress challenged reported GDP growth figures, citing Garg’s comments about revisions to the previous year’s GDP.
- Where
- Ramesh shared Garg’s remarks in a video clip and posted his comments on X; the news channel carrying Garg’s remarks was not identified.
- When
- Wednesday; the article was published at 12:22.
- Why
- The Congress said GDP revisions may make growth appear stronger than underlying economic conditions.
Congress’s Criticism
Reported GDP Calculation
Meaning of the growth figures
Congress’s Criticism
Jairam Ramesh said the government’s claimed 7.8% growth was misleading and that real growth was around 2.6%.
Reported GDP Calculation
The reported figures reflected GDP calculations after revising the previous year’s estimate; the article does not include a government response defending the methodology.
Effect of the revision
Congress’s Criticism
Congress argued that revising the previous year’s GDP made current growth look stronger than economic conditions justified.
Reported GDP Calculation
Garg’s remarks, as reported, acknowledged that the revision changed the comparison and produced a current-price growth figure of around 10.3%.
Key facts
- Previous-year GDP revision
- Garg reportedly said the previous year’s GDP was revised by about Rs six trillion.
- Reported first-quarter growth
- Garg said current-price growth rose to around 10.3% after the revision.
- Growth without revision
- Garg said current-price growth would have been 2.6% without the previous year’s revision.
- Congress estimate
- Jairam Ramesh characterized real GDP growth as around 2.6%, rather than 7.8%.
- Congress position
- Ramesh said public relations and statistical presentation cannot strengthen the economy itself.
- Source of criticism
- The Congress cited remarks by former finance secretary Subhash Chandra Garg.
Quotes
Subhash Chandra Garg
Former finance secretary whose GDP assessment was cited by Congress
“We want the economy to truly be strong, but the path to a strong economy doesn't come from embellishing numbers fabricated on a foundation of lies - it comes from accepting the truth.”
m.rediff.com
“Former Finance Secretary Subhash Garg has now burst the bubble on this claim. His assessment is that the real GDP growth is around 2.6%, not 7.8%.”
m.rediff.com
Sources
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