Piyush Goyal defends India's GDP figures, dismisses criticism from opposition and former officials

NEW DELHI: Union minister Piyush Goyal on Wednesday slammed the opposition and former finance secretary Subhash Garg for casting doubts over the latest GDP figures released by the government, saying that those who want to see India as "a dead economy" will fail repeatedly. While talking to reporters, Goyal said that "ministers don't manufacture data" and people with such a diminishing mindset are diminishing themselves. "We politicians, ministers and MPs do not manufacture these figures. When you come forward with such a negative mindset, you are, in a way, belittling yourself," Goyal said. "The naysayers can say what they want, but 7.8 per cent growth is a reality. When I see on television some of the opposition leaders, even possibly you can throw in along with them a former finance secretary or a former Reserve Bank governor, both of whom could not complete their time in India or in the government and for the right reasons," he said. The commerce and industry minister said that critics are trying to misguide the people by comparing a growth rate under the old series with the new series. "They don't even know how to compare apples with apples. They are trying to misguide the people of India, comparing a growth rate at an old series with a new series, where the base year itself has changed," Goyal said. "A few Opposition leaders who want to see India as 'a dead economy' will fail once again, just like they have failed again and again. India will continue to grow rapidly under the leadership of PM Modi," he added. This comes after former finance secretary Subhash Garg claimed that GDP growth would have been about 2.6 per cent in current prices if last year's GDP had not been revised down from roughly Rs 86 lakh crore to Rs 80 lakh crore. According to data released by the Ministry of Statistics and Programme Implementation on August 31, India's real GDP grew 7.8 per cent in Q1 FY27, with real GDP estimated at Rs 81.36 lakh crore, compared with Rs 75.46 lakh crore a year earlier. Nominal GDP stood at Rs 88.27 lakh crore, up 10.3 per cent from Rs 80 lakh crore in Q1 FY26. Real GVA grew 8.2 per cent to Rs 73.82 lakh crore. The RBI has projected full-year FY27 GDP growth at 6.7 per cent. The next quarterly GDP estimates, covering Q2 FY27, are scheduled to be released on November 30, 2026.