'Intellectual dishonesty': SBI hits back at 2.6% GDP growth claim
The State Bank of India (SBI) has strongly criticized claims that India's nominal GDP growth was only 2.6% in Q1 FY27, labeling the figure as 'intellectually dishonest.' SBI argues that the calculation incorrectly compares revised data with older, unrevised figures.
Why it matters
It underscores the complexity of economic data interpretation and the political sensitivity surrounding national growth statistics.
The State Bank of India (SBI) has rejected claims that India’s nominal GDP growth in the first quarter of FY27 was only 2.6%, saying the figure came from comparing two different versions of the GDP data.The pushback came after former finance secretary Subhash Chandra Garg questioned the government’s reported 7.8% real GDP growth for Q1 FY27.Garg pointed to a revision in the previous year’s current-price GDP saying that Q1 FY26 GDP had been revised from around Rs 86 lakh crore to about Rs 80 lakh crore and argued that, without the revision, nominal growth would have been around 2.6%.Official data released by the ministry of statistics and programme implementation (MoSPI) showed real GDP growing 7.8% year-on-year in Q1 FY27. Real GDP at constant prices stood at an estimated Rs 81.36 lakh crore, up from Rs 75.46 lakh crore in Q1 FY26.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in