Piyush Goyal takes 'jobless', 'naysayers' swipe at Subhash Garg, defends 7.8% GDP growth

Union Commerce and Industry Minister Piyush Goyal has hit out at critics questioning India’s latest GDP growth figures, describing them as “naysayers” and taking an apparent swipe at former Finance Secretary Subhash Chandra Garg.

Defending India’s 7.8% real GDP growth recorded in the first quarter, Goyal said the number was a reality and argued that critics were drawing misleading comparisons between the old and new GDP series.

“The naysayers can say what they want, but 7.8% growth is a reality,” Goyal said.

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Without naming Garg, Goyal referred to a former Finance Secretary and a former Reserve Bank governor while questioning their record in government. He said both had been unable to complete their tenures and invoked the economic difficulties India faced during the 2012-14 period.

Goyal also took issue with arguments questioning the strength of the latest growth numbers because of the change in the GDP series.

“They don't even know how to compare apples with apples,” he said, arguing that critics were comparing growth rates calculated under the old series with those under the new series, where the base year itself had changed.

The minister's comments come amid a debate over whether the headline 7.8% GDP growth rate accurately captures the underlying strength of the Indian economy.

Goyal also addressed one of the key criticisms surrounding India's growth story: whether strong GDP expansion is translating into sufficient employment.

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He said businesses across sectors were instead telling him that they were struggling to find workers.

“I go to the textile sector. They tell me, please get us some more people in Tirupur. Send me 100,000 people in Tirupur. Every one of them we will skill and provide them a job,” Goyal said.

He cited infrastructure major Larsen & Toubro as another example. According to Goyal, when he asked the company why it was not expanding faster, the response was that it did not have enough people.

Goyal said the government wants more infrastructure companies to execute the large pipeline of investment in the sector.

His sharpest criticism, however, was reserved for those repeatedly questioning India's growth performance.

“The naysayers, who somehow cannot possibly digest that they themselves are the only jobless people left,” Goyal said, adding that the only job left for them was to appear on television panels and “concoct or manufacture an argument.”

Goyal's remarks come as the latest GDP data has triggered a fresh debate among economists and former policymakers over India's growth trajectory, the impact of revisions to the GDP series and the relationship between economic growth and employment.

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While the government has highlighted the 7.8% expansion as evidence of India's continued position as the fastest-growing major economy, critics have questioned how the growth rate should be interpreted against the revised historical series and changing base year.

Goyal rejected that criticism and argued that the focus should instead remain on India's economic expansion, investment and employment opportunities.

“Does this country need negativity, or does this country need leaders who bring vision, leaders who bring positive energy, leaders who are looking for a brighter future for our children?” he asked.