India’s economic growth claims challenged by statistics
New Delhi: India’s optimistic economic growth claims have been called into question by unbiased statistics and analyses.
According to Kashmir Media Service, despite the Indian government’s assertions of a 7.8% annual increase in income from production, expenditure figures tell a different story, rising only by 1.4%.
Using a composite measure, India’s growth rate would be 4.5%, significantly lower than the reported 7.8%. India’s GDP growth was 3.5% in 2019 and has averaged the same since the COVID-19 pandemic, despite a temporary rebound in mid-2022. This contrasts sharply with the government’s more optimistic figures.
The Indian National Statistical Office’s reliance on income data over expenditure data has raised skepticism, and experts warn of growing inequality and insufficient job creation. The economy’s failure to provide dignified employment opportunities and its reliance on sectors like finance and real estate, which generate limited jobs, have also been highlighted.
By manipulating national account statistics, Indian authorities seem reluctant to acknowledge slowing growth, increasing inequalities, and challenging job prospects. This approach undermines fair practice for international investors and multinational corporations seeking reliable economic data for informed decision-making.
