BJP leader Amit Malviya has publicly challenged former finance secretary Subhash Garg, accusing him of a significant reversal in his assessment of India's revised Gross Domestic Product (GDP) growth series. Malviya shared an article authored by Garg from March, claiming it directly contradicts Garg's current criticisms of the new methodology.
Malviya Cites Garg's March Article
According to Malviya, Subhash Garg had, in an article published in The Quint on March 5, 2026—shortly after the new GDP series was released—praised the revised data. Malviya highlighted sections where Garg allegedly described the new series as "much more representative of current production and consumption in the country" and thus "more accurate." Furthermore, Garg reportedly acknowledged the downward revision in nominal GDP as "very bad news, which the new GDP series has honestly communicated."
Malviya asserted that Garg's current position represents a complete inversion of his earlier assessment, stating, "Today, he has completely inverted that assessment."
Garg's Current Criticisms and Malviya's Rebuttal
Subhash Garg recently argued that India's economy grew by approximately 2.6% (later revised to over 5%) in the first quarter of FY27 (April-June), a figure significantly lower than the 7.8% reported by the Ministry of Statistics and Programme Implementation (MoSPI) on August 31. Garg attributed this discrepancy to a downward revision in current-price GDP from ₹86 lakh crore to ₹80 lakh crore, which he suggested artificially inflated the latest growth numbers.
However, Malviya countered these claims, stating, "The numbers did not change. Garg's narrative did." He accused Garg of using the old series' higher GDP figure as a benchmark to question the new series, despite having previously endorsed the new methodology. Malviya emphasized that this was "not a disagreement over methodology. It is an extraordinary reversal of position on the very same GDP revision within months."
"Motivated Reasoning" Allegations
Malviya suggested that Garg's shifting stance indicated "less economic analysis and more motivated reasoning." He implied a connection between Garg's current criticisms and his removal as Finance Secretary, stating, "We now know why he was likely ousted as Finance Secretary."
The BJP leader's remarks underscore an ongoing political debate surrounding the accuracy and interpretation of India's economic data, with both sides presenting conflicting views on the robustness of the new GDP series.