IMF backs India’s revised GDP methodology amid 7.8% growth row
What Happened
The International Monetary Fund has backed India’s updated GDP methodology, calling the revision a“welcome development” and saying it is consistent with international best practices and advice from the IMF’s statistics department. India shifted its GDP base year from 2011-12 to 2022-23 as part of the revision.
Key Takeaways
The endorsement comes amid controversy over India’s 7.8% GDP growth in the April-June quarter, after former Finance Secretary S. C. Garg questioned the revisions to earlier data. IMF Asia-Pacific Director Krishna Srinivasan praised MoSPI’s work on improving GDP statistics, while acknowledging there remains room for further improvement.