Modi’s former Finance Secretary has ripped apart the claimed 7.8% GDP growth figures on an Adani owned TV channel. The exact financial jugglery in layman's terms is explained below: Last year’s Q1 GDP (at current prices) was officially stated as Rs 86 trillion. The government for no rhyme and reason revised that base down to Rs 80 trillion; cutting Rs 6 trillion overnight. By deflating the base, this year’s Rs 88 trillion magically looks like a surge. The brutal reality? If the base wasn't slashed, actual GDP growth at current prices is barely 2.6%. Manufacturing and ground consumption are in deep distress, income inequality is rising, inflation is impacting household budgets, unemployment is rampant, yet narrative managers are peddling fake headlines to make the present government look good. When a regime has to alter its own past numbers to manufacture present glory, the economy is running on PR, not demand. Are you seeing this '7.8% miracle' in your wallet and local businesses, or just on partisan media channels ? This GDP growth is nothing but statistical calisthenics and fake news, many genuine economists would vouch for it.
VINAY DWIVEDI, Benaulim
