India’s 7%+ Growth Backed By Manufacturing Surge, Top Economists Dismiss Goldilocks Hype

At the Business Today Banking & Economy Summit, in conversation with Siddharth Zarabi, Group Editor, Business Today, Somya Kanti Ghosh, Group Chief Economic Advisor, SBI, said India’s rebased GDP data highlights four key trends: three consecutive years of 7%+ growth, manufacturing-led expansion averaging over 11%, strong investment at 34.5% of GDP with healthy savings, and a ₹100 trillion upward revision in real GDP. Madan Sabnavis, Chief Economist, Bank of Baroda, said the new series modernizes measurement without materially altering growth trends. Ashima Goyal added that double deflation confirms growth is real, inflation remains credibly low, and India’s data system deserves confidence.