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?
Can India’s economic data be trusted? As questions grow around the credibility of India’s GDP and macroeconomic statistics, Dr. Saurabh Garg, Secretary, MoSPI, strongly rejects allegations of data manipulation. He explains how India’s latest statistical methodologies were developed through consultations with experts, economists, forecasters and international institutions. Garg highlights India’s expanding data ecosystem, including UPI, GST, e-Vahan and PFMS, and says these sources are publicly available for verification. He also points to India’s extensive statistical machinery, including around 10,000 field workers collecting data across households and enterprises. The conversation then turns to employment, with Garg discussing unemployment rates of roughly 3–5% and the bigger challenge of job quality. Watch the full conversation on India’s data credibility, transparency and jobs debate.
Why can factory-gate prices turn negative when inflation remains elevated? Dr. Saurabh Garg, Secretary, MoSPI explains the manufacturing GDP puzzle and the role of the deflator. He says rising input costs for materials such as steel, plastics and composites have not been fully passed on to consumers, keeping output prices relatively flat. This creates a sharp difference between current-price and constant-price value addition, resulting in a negative manufacturing deflator. Garg also addresses the question of future GDP revisions. As more corporate results and government data become available, revisions can continue, but he expects these to generally remain modest, around 10 - 30 basis points. He says the latest base-year revision has already incorporated major structural and data changes, while smaller updates will continue as fresh information comes in.
India’s GDP numbers are at the centre of a heated debate, with questions raised over why Q1 FY26 GDP was revised from ₹86 lakh crore to ₹80 lakh crore. Critics argue that the ₹6 lakh crore reduction makes the latest GDP growth rate look stronger. In this exclusive conversation, Dr. Saurabh Garg explains why the numbers changed and why GDP comparisons must be made on a like-for-like basis. He breaks down the impact of the new 2022-23 base year, improved data sources and revised methodology. Dr. Garg compares Q1 GDP across the new series at ₹74 lakh crore, ₹80 lakh crore and ₹88 lakh crore for FY25, FY26 and FY27 respectively. He also explains why comparing old-series and new-series numbers can create a misleading picture of growth.
Former Finance Secretary Subhash Garg recently sparked a massive debate by claiming India’s GDP growth was drastically lower than reported, pointing to a mere 2.6% growth rate. But is there a fatal flaw in his math? In this exclusive conversation with Business Today TV, MoSPI Secretary, Dr. Saurabh Garg breaks down the complexities of GDP base year revisions and explains why comparing the old data series to the new one is like comparing apples to oranges. Discover the three critical reasons why economies must update their base years - from shifting consumer habits like iPhones to structural upgrades like GST and Digital India. Watch to understand the real story behind India's economic data, the international standards we follow, and why these controversial claims simply do not add up.
Watch Siddharth Zarabi, Group Editor, Business Today, in an exclusive conversation with Saurabh Garg, Secretary, MoSPI, as they discuss India’s latest GDP growth data, the strength of the economy, key sectoral trends, data methodology, revisions and the broader economic outlook. Garg addresses questions around the robustness of the 7.8% Q1 FY27 growth estimate, explains the factors driving growth and responds to concerns over GDP data and revisions. Catch the key insights from this important conversation on India’s economic performance and outlook.
An exclusive interview with Ankur Aggarwal, Chairman and Founder of BNW Developments, sharing his outlook on the real estate market in UAE amid evolving geopolitical developments and growing investor confidence. In a conversation with Siddharth Zarabi, Group Editor of Business Today, Aggarwal discusses why the UAE continues to attract global capital despite recent regional uncertainty, the return of investor sentiment following ceasefire developments, and the factors driving demand in Dubai and Ras Al Khaimah. He explains why Russian investors remain committed to UAE real estate, highlights the growing participation of American, Indian and Chinese buyers, and outlines the investment opportunities emerging from the rapid transformation of Ras Al Khaimah. The interview also explores the impact of branded residences, waterfront developments, the upcoming Wynn-integrated resort project, Golden Visa reforms linked to off-plan property investments, and the broader economic outlook for the UAE. Aggarwal shares why he believes full normalcy could return by November, how developers are adapting to changing market conditions, and what lies ahead for BNW Developments as it focuses on execution, delivery and long-term legacy building. Watch the full interview for insights into one of the world's most closely watched property markets and the trends shaping the future of real estate investment in the Gulf region.
As tensions in West Asia continue to raise concerns over global energy markets, India faces growing risks linked to rising crude oil prices, LPG costs, fuel inflation and supply-chain disruptions. With concerns also emerging around a weaker-than-normal monsoon, questions are being raised over the impact on agricultural output, rural demand, food prices and overall economic growth. In this special Business Today discussion, industry leaders and policy experts examine how India can manage the combined risks of fuel, fertiliser and food inflation, the immediate steps needed to protect households and MSMEs, and the long-term reforms required to strengthen energy security while supporting India’s net-zero ambitions. The discussion features insights from CII President and Tata Chemicals MD & CEO R Mukundan, BP Group India Chairman Kartikeya Dube, and CII Director General Chandrajit Banerjee, with Siddharth Zarabi, Group Editor, Business Today, moderating the conversation.
How is the UAE preparing for future global disruptions? In this exclusive UIBC-UAE Chapter Fireside Chat, UAE’s Minister of Foreign Trade Dr. Thani Bin Ahmed Al Zeyoudi explains the country’s long-term resilience strategy amid geopolitical uncertainty. In conversation with Business Today Group Editor Siddharth Zarabi, he reveals how the UAE is strengthening ports, logistics, international investments, food security, pharmaceuticals, and data center infrastructure to protect supply chains and sustain growth. Dr. Thani also shares why diversification is critical and why the UAE is ensuring no single country dominates more than 50% of any critical commodity supply.
At the UIBC-UAE Chapter “Strength in Resilience” Fireside Chat, Dr. Thani Bin Ahmed Al Zeyoudi, UAE’s Minister of Foreign Trade, makes a bold prediction: the future belongs to the E7 economies, not the G7. Speaking with Siddharth Zarabi, Dr. Thani explains how countries like India, Brazil, Indonesia, Turkey, Mexico, South Korea, and South Africa are driving the next wave of global growth. He also discusses how COVID, geopolitical conflicts, and global disruptions have permanently changed trade systems and forced nations to become more resilient and adaptive. A sharp and insightful take on the future of global economics, trade alliances, and emerging powers.
At the UIBC-UAE Chapter Fireside Chat “Strength in Resilience,” Business Today’s Siddharth Zarabi speaks with Dr. Thani Bin Ahmed Al Zeyoudi, Minister of Foreign Trade, UAE on the future of the UAE-India economic partnership. From the success of the India-UAE CEPA to the rise of the E7 economies, the conversation highlights how both nations are reshaping global trade, investment, logistics, and supply chains amid rising geopolitical uncertainty. Dr. Thani shares insights on UAE’s resilience strategy, infrastructure expansion, diversification of supply chains, investments in ports, data centers, food security, and Africa-focused growth opportunities with Indian businesses. He also explains why the UAE sees India as a trusted long-term strategic partner in a rapidly changing world. Watch this exclusive conversation on trade, resilience, global growth, and the next phase of UAE-India collaboration.
Watch an insightful conversation with Dr. (CA) Ankur Aggarwal, Founder and Chairman of BNW Developments as we decode the current state of the UAE real estate market amid rising geopolitical tensions following the US-Iran conflict. How resilient is Dubai and the broader UAE property market? Are global and Indian investors turning cautious or staying bullish? We also discuss the rapidly expanding India-UAE economic relationship, trade partnerships, investment flows, and why the Gulf remains a critical growth corridor for Indian businesses and investors. A deep dive into real estate, geopolitics, and the future of India-UAE ties.
On this special episode of Easynomics, Siddharth Zarabi decodes the economic and geopolitical significance of Prime Minister Narendra Modi’s crucial five-nation tour covering the UAE, Netherlands, Sweden, Norway and Italy. From energy security amid the West Asia crisis to the India-EU FTA, semiconductor partnerships, green energy, defence cooperation and global investment flows - this high-powered discussion breaks down what India stands to gain from this diplomatic blitz. Joining the conversation are Pramit Pal Chaudhuri, Achal Malhotra and Jayant Krishna. Watch as the panel explains why this visit could shape India’s global trade, technology and investment roadmap in a rapidly changing world order.
India’s economy is navigating a complex global environment marked by geopolitical tensions, volatile crude oil prices, supply chain disruptions and rapid technological change. In this exclusive conversation, Siddharth Zarabi, Group Editor, Business Today, speaks with Rajiv Memani, President, CII and Chairman & CEO, EY India, on the biggest challenges facing India Inc. From weak private sector investment and the innovation gap to AI competitiveness, manufacturing, energy security and India’s growth outlook amid the West Asia crisis — this wide-ranging discussion examines whether Indian industry is doing enough to prepare for the next phase of economic transformation and global uncertainty.
In this powerful conversation with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej shares a sharp and balanced perspective on India’s push towards Atmanirbharta amid rising global uncertainties. While acknowledging that globalization has driven massive growth and lifted millions out of poverty, he highlights how recent disruptions - from the pandemic to geopolitical tensions and the Strait of Hormuz crisis - have exposed vulnerabilities in global supply chains. Godrej emphasizes that India must now focus on building self-reliance in critical sectors to ensure economic and national security. However, he cautions that this transition will not be easy or quick. This insightful take captures the shifting global order and India’s urgent need to strengthen domestic capabilities for long-term resilience and growth.
In this exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej lays out the group’s bold pivot and roadmap towards a ₹5 lakh crore market cap by 2031. Highlighting the strength of its three listed businesses, Godrej is betting big on FMCG revival, real estate expansion, and an agri turnaround. The FMCG arm is targeting double-digit volume growth, while Godrej Properties aims to double its market share despite already being a sector leader. The company also expects significant value unlocking as project deliveries catch up with strong sales momentum. Meanwhile, the agri business is being restructured for a turnaround. This strategic shift signals a multi-engine growth story, positioning Godrej for the next phase of expansion.
In this exclusive interaction with Siddharth Zarabi, Group Editor, Business Today, Pirojsha Godrej reveals the group’s strategy behind potential new listings over the next five years. The focus is not just on raising capital, but also on unlocking value from matured businesses and enabling them to grow independently. Godrej aims to build self-sustaining companies that can access capital markets without continuous group funding. Once value is unlocked, the group plans to reinvest in new ventures to drive the next phase of growth. The timing of these listings will depend on market conditions and business performance, signalling a strategic shift in capital allocation and long-term expansion.
In this high-stakes BTTV Exclusive, Business Today’s Group Editor Siddharth Zarabi sits down with Pirojsha Godrej, Chairperson Designate of the Godrej Industries Group (GIG). Following a historic and amicable family restructuring, Pirojsha reveals an ambitious "2031 Vision" to propel the conglomerate to a ₹5 Lakh Crore market capitalization by blending a 129-year legacy with the energy of a modern startup. The headline takeaway from this conversation is the group’s definitive roadmap to list two major unlisted businesses within the next five years. Pirojsha confirmed that Godrej Capital which has already scaled to a ₹25,000 crore AUM is being prepped for a public listing once it hits the ₹1 Lakh Crore milestone. Additionally, the group plans to take Godrej Chemicals and other unlisted ventures public to ensure they can raise capital independently and unlock maximum shareholder value. From doubling market share in the real estate sector to driving a "20-18" formula (20% earnings growth and 18% ROE), Pirojsha outlines how GIG is pivoting for "Naya Bharat." He emphasises that for the Godrej Group, "Value and Valuation go together," ensuring that ethical foundations drive aggressive growth. This exclusive interview is a must-watch for investors tracking the next wave of major Indian IPOs and corporate transformations.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), addressed risks from AI-driven trading and outlined his long-term market vision. He said AI is inevitable but must enter markets with safeguards, disclosures and human accountability, with intermediaries responsible for its use. On India’s outlook, Pandey stressed that capital markets reflect real economic strength—citing robust growth, fiscal consolidation and strong IPO rankings. He emphasized disciplined investing, sound corporate governance and diverse funding instruments to make India a resilient, preferred global listing destination.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman of the Securities and Exchange Board of India (SEBI), explained the rationale behind the recent mutual fund overhaul. He said the objective was to declutter schemes, remove overlaps and ensure products remain “true to label,” improving clarity and comparability for investors. SEBI also introduced lifecycle funds to replace restrictive solution-oriented categories. On MSMEs, Pandey highlighted tighter SME listing norms, stronger due diligence and action against errant merchant bankers, stressing responsible participation to enable genuine small businesses to raise capital and unlock value through markets.
In an exclusive conversation with Siddharth Zarabi, Group Editor, Business Today, Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India (SEBI), reflects on his first year at the helm of India’s capital markets regulator and outlines a reform agenda anchored in trust, transparency, teamwork and technology. He highlights the implementation of 58 ease-of-doing-business reforms, easing compliance overlaps for intermediaries, streamlining Foreign Portfolio Investor registration, and strengthening investor protection architecture. Pandey makes several significant and forward-looking observations. He underscores that India’s corporate bond market, now about ₹58 lakh crore and growing at nearly 12% annually, must deepen further, with corporate bond indices and derivatives in coordination with the Reserve Bank of India expected to move ahead soon. On derivatives, he clarifies that regulatory tightening targeted only short-dated options hyperactivity, adding that SEBI will review impact data before considering further steps. He explains the rationale behind mutual fund rationalisation to ensure schemes are “true to label” and avoid overlap, and stresses accountability in artificial intelligence-driven trading. Pandey also notes India ranked number one globally in number of Initial Public Offerings in 2025, reinforcing the country’s growing stature as a preferred capital-raising destination.
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