India's Q1 GDP Grows 7.8% But Controversy Remains Over Data Calculation Method

India's GDP grew 7.8% in Q1 FY24 based on income approach, expenditure approach would have shown lower growth.
Finance Ministry dismissed criticism of inflated GDP numbers, said income approach consistently used to compute growth.
Nominal GDP growth lower than real GDP growth due to contracting WPI, will normalize as base effect disappears.
PMI, bank credit growth, consumption indicate economic activity is improving, GDP numbers may understate reality.
International agencies revised up India's FY24 growth forecasts after Q1 data, underlying activity not weak.

cnbctv18.com

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8/31/2023

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9/23/2023

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10/2/2023

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