India’s 7.8% Q1 Growth Confounds Critics | What’s Working, What Isn’t | Exclusive Sriram Subramanian

India’s economy has delivered a major upside surprise, with Q1 FY27 GDP growth coming in at 7.8%, comfortably ahead of the RBI’s 7% forecast and market expectations of around 7.1%. But does one strong GDP print mean the economy is on a firm recovery path, or are significant risks still lurking beneath the surface? In this episode of State of Economy, Siddharth Zarabi, Group Editor, India Today, speaks to Sriram Balasubramanian, Economist & Author, about what is really driving India’s growth — from stronger private investment, consumption and manufacturing to resilient exports and financial services. The discussion also looks at the challenges ahead, including elevated crude prices, global trade uncertainty, rupee weakness, geopolitical tensions and risks to agriculture and rural demand. Is the latest GDP number proof that the doomsayers got India’s growth story wrong — or is it too early to celebrate?