Former Chief Economic Adviser Krishnamurthy V. Subramanian has defended India's 7.8 per cent GDP growth figure for the April-June 2026 quarter. He dismissed opposition criticism regarding the accuracy of the data, asserting that the government utilizes the "double deflator" methodology, which he described as a cutting-edge approach to calculating real economic output.
Addressing concerns about private investment, Subramanian cited a 12 per cent growth in gross fixed capital formation and a 15 per cent rise in the Index of Industrial Production for capital goods as evidence of an upward trend. While he acknowledged that formal sector employment generation is not currently keeping pace with overall GDP growth, he noted that the unemployment rate has declined since 2018 according to PLFS data.
Union Commerce and Industry Minister Piyush Goyal also criticized opposition leaders for questioning the growth figures. He accused them of attempting to misguide the public by incorrectly comparing economic data from old series with the current methodology.
