Piyush Goyal hits back at GDP critics

Union Commerce Minister Piyush Goyal on Wednesday attacked opposition leaders and critics questioning India’s latest GDP figures, accusing them of distorting official data and undermining the country’s economic performance. “A few jobless people call themselves economists and appear on TV channels to harm the country. Do not fall for this,” Goyal said while responding to allegations that the previous year’s GDP estimate had been lowered to make growth in the first quarter of 2026-27 appear stronger. Goyal argued that ministers do not produce official economic data and said those challenging the figures were attempting to mislead the public.“Record growth of 7.8% is something that no other country has been able to replicate. This is the capability, hard work, and joint effort of 140 crore people in the country. Due to this, India has emerged as a globally trusted partner,” he said at an event..

जब आप सच्चाई को तोड़-मोर करके लोगों का हौसला तोड़ने की कोशिश करते हैं, तो आप जनता के साथ विश्वासघात कर रहे हैं।

ये जो 7.8% का path-breaking record growth है, ये देश के 140 करोड़ भारतवासियों का सामर्थ्य है, उनकी कड़ी मेहनत है, उनका संयुक्त प्रयास है, जिसके कारण आज भारत विश्व का… pic.twitter.com/6rhk6l7We5

— Piyush Goyal (@PiyushGoyal) September 2, 2026

The estimate, however, came under scrutiny after former finance secretary Subhash Chandra Garg questioned revisions made to the previous year’s GDP at current prices. “The 7.8 per cent looks impressive on the face of it, but we should get into the reality of it,” Garg told a channel.Garg’s calculation concerned nominal GDP, or economic output measured at current prices. The headline 7.8% figure, by contrast, represents real GDP growth after adjusting for inflation.
The Ministry of Statistics and Programme Implementation rejected the allegation, saying the Rs86.05 lakh crore and Rs80 lakh crore estimates belonged to different GDP series and could not be directly compared.The Rs86.05 lakh crore estimate for the April–June 2025 quarter was calculated under the old GDP series, which used 2011-12 as its base year, it said.
A new series, using 2022-23 as the base year, was introduced in February 2026. Under this framework, the same quarter was initially estimated at Rs80.32 lakh crore. It was subsequently revised to Rs80.44 lakh crore before being updated to Rs80 lakh crore as new indicators and data became available.“The change in the estimate of Q1 2025-26 does not represent a downward revision made to make the current year’s growth appear higher. It reflects successive methodological and data revisions to the GDP series,” MoSPI said.