‘Few jobless people call themselves economists’: Piyush Goyal jibes at Oppn, critics over ‘wrong GDP’ remark

India recorded 7.8% GDP growth in Q1 FY27, but former finance secretary Subhash Chandra Garg questioned whether the figure reflects the exact reality.

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India's commerce minister Piyush Goyal did not mince his words when addressing the Opposition's remarks that the GDP estimate was revised downwards to make economic growth in the first quarter of FY27 appear stronger.

He slammed the Opposition and former bureaucrats over their assessment of the GDP, saying, "A few jobless people call themselves economists and appear on TV channels to harm the country. Do not fall for this."

Also Read | India shrugs off oil shock to post 7.8% growth in Q1, PM Modi hails ‘herculean feat’

India recorded a GDP growth rate of 7.8% in the April-June 2026 quarter, the government said on Tuesday. Prime Minister Narendra Modi also hailed the figure.

What critics and oppn said?

However, the data was questioned by former finance secretary of the Government of India, Subhash Chandra Garg, who, in an interview with a TV news channel, argued that GDP at current prices had been revised, making the latest growth numbers look better.

"The 7.8 per cent looks impressive on the face of it, but we should get into the reality of it," Garg said. "The current-price GDP last year was ₹86 trillion. This has been revised down to ₹80 trillion... If you had not revised last year's GDP, the growth in current prices would have been only 2.6 per cent," Subhash Chandra Garg told NDTV.

Also Read | Decoding 7.8% GDP growth | Number Theory

The Opposition picked up on Garg's observation and slammed the Centre over the revision.

"GDP growth is indeed 7.8% if you compare the revised Q1 figure of roughly ₹80 lakh crore last year with ₹88.27 lakh crore this year. But that is not Garg's argument. His argument is that Q1 last year was originally reported at roughly ₹86 lakh crore (see image 3). Now, for the purpose of calculating this year's growth, that same Q1 figure has been revised down to roughly ₹80 lakh crore," asked Rajya Sabha member and Congress spokesperson Pawan Khera.

Goyal hits back

Goyal said ministers of the concerned ministry do not manufacture the data and that those with a negative mindset are only diminishing themselves. He asked the Opposition and critics to stop "betraying" people by distorting the truth.

"Record growth of 7.8% is something that no other country has been able to replicate. This is the capability, hard work, and joint effort of 140 crore people in the country. Due to this, India has emerged as a globally trusted partner. PM Modi has led the country with farsightedness... A few jobless people call themselves economists and appear on TV channels to harm the country. Do not fall for this... A few Opposition leaders who want to see India as 'a dead economy' will fail once again, just like they have failed again and again. India will continue to grow rapidly under the leadership of PM Modi," Goyal said while speaking to the reporters at an event, according to a ANI video.

Govt defends the number

The Ministry of Statistics and Programme Implementation (MoSPI) on Wednesday rejected claims that last year's GDP estimate was revised down to make Q1 FY27 growth appear stronger, saying the change resulted from a new base year, improved data sources and updated methodology.

"The change in the estimate of Q1 2025-26 does not represent a downward revision made to make the current year's growth appear higher. It reflects successive methodological and data revisions to the GDP series," MoSPI said.

The ministry said Q1 FY26 GDP was initially estimated at ₹86.05 lakh crore under the 2011-12 base year in August 2025. After the new 2022-23 base-year series was introduced in February 2026, it was revised to ₹80.32 lakh crore.

(With ANI and PTI inputs)

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  Shubham Pandey works as Chief Content Producer at the Hindustan Times online desk, where he writes news articles, explainers, and features with a focus on audience engagement, traffic growth, and real-time storytelling. With over a decade of experience across journalism, digital newsrooms, and strategic communications, he brings a strong understanding of online journalism, particularly in leveraging SEO, search trends, and live blogs to drive sustained reader engagement. Previously, he led the sports team at Zee News English, strengthening editorial operations while delivering measurable growth in readership. His reporting experience includes assignments with Firstpost, where he covered sports with a strong narrative focus. Shubham has worked across both startups and large media organisations, including building a sports website from the ground up in a startup environment—demonstrating versatility and leadership. His stint as Senior Account Manager at Edelman India further expanded his expertise in strategic communications, brand storytelling, and reputation management. Across roles, he specialises in content planning, writing, and crafting credible narratives for diverse audiences. He has collaborated with former international cricketers Cheteshwar Pujara, Nick Knight, and Danny Morrison to create compelling, high-impact sports content, blending editorial depth with mass appeal. When he is not writing news or watching sports, he enjoys exploring films from around the world.Read More