Piyush Goyal Defends 7.8% GDP Growth, Calls Critics "Jobless People"

Union Commerce and Industry Minister Piyush Goyal has defended India's 7.8 per cent GDP growth recorded in the April-June quarter, hitting out at Opposition leaders and former officials who have questioned the credibility of the figure. Speaking at an industry event in Delhi, Goyal accused critics of comparing figures from different GDP series and said they were attempting to create doubts about India's economic performance. He argued that the revised GDP series uses a different base year and therefore should not be directly compared with figures from the earlier series.

Goyal also criticised former finance secretary Subhash Chandra Garg and former Reserve Bank of India governor Raghuram Rajan, who have raised questions about the latest growth data. Rajan said there were discrepancies that needed examination and questioned why stronger economic growth had not translated into greater creation of good-quality jobs and higher investment. Garg similarly argued that the headline growth figure should be examined in the context of revisions to the GDP base and current-price estimates. Both have publicly called for greater scrutiny of the data and the methodology behind the latest figures.

Responding to questions about employment, Goyal launched a sharp attack on critics, saying they were trying to find shortcomings in an economy that had recorded strong growth. He accused some economists and former officials of appearing on television panels to create arguments against the government's economic record. Goyal maintained that ministers do not manufacture official economic data and said the figures released by the statistical authorities should be assessed on the basis of the methodology used. He also urged critics to make comparisons using the same GDP series rather than mixing figures calculated under different base years.

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The minister further credited PM Modi's leadership and the efforts of India's population for the reported growth rate. Goyal described the 7.8 per cent expansion as an exceptional performance and said India's economic progress had strengthened its position as a global partner. He argued that criticism based on what he described as a negative interpretation of the figures could discourage public confidence in the economy. Goyal also rejected suggestions that the government was manipulating economic information, saying the official data should be accepted after considering the changes introduced through the revised national accounts framework.

The political dispute over the GDP figures has also drawn criticism from the Opposition. Congress general secretary Jairam Ramesh questioned the quality of the latest economic picture and accused the government of presenting an overly favourable narrative about growth. Goyal, meanwhile, targeted Opposition leaders who he said wanted to portray India as a weak or declining economy. He argued that such criticism would not change the country's growth trajectory and said India would continue expanding under the leadership of PM Modi. The exchange has intensified the political debate surrounding the interpretation of India's latest economic numbers.

The Ministry of Statistics and Programme Implementation has separately defended the 7.8 per cent growth estimate and explained the difference between the old and new GDP series. The ministry said the ₹86.05 lakh crore figure cited by critics belonged to the previous series based on 2011-12 prices, while the latest estimates use the 2022-23 base year. It said comparing figures from the two series and treating the difference as an artificial reduction in the previous year's GDP was incorrect. With the first-quarter growth rate coming in above the Reserve Bank of India's earlier 7 per cent forecast, the debate is now focused on both the strength of India's economic expansion and how the revised methodology should be interpreted.

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