India’s 7.8% Q1 GDP Under Scrutiny: Subhash Garg Vs Sanjeev Sanyal On The Numbers

India’s economy grew 7.8% in the April-June quarter of FY27, beating expectations and once again putting the country’s growth story in the spotlight. But are the headline GDP numbers telling the complete story? In this Business Today faceoff, former Finance Secretary Subhash Garg and economist Sanjeev Sanyal examine the questions being raised around India’s latest GDP data. From the methodology behind the numbers and the gap between GDP and GVA to investment, consumption, manufacturing and the broader signals coming from the economy, the discussion explores what lies beneath the 7.8% growth figure. Is the economy genuinely expanding at this pace, or do the numbers require closer interpretation? What do alternative economic indicators suggest and how should investors and policymakers read the latest data? Watch the full debate as two prominent economic voices dissect India’s Q1 growth numbers and what they mean for the road ahead.