IMF welcomes India's efforts to modernise statistical framework
The IMF said new industrial and producer price indexes should improve India’s GDP estimates as debate continues over recent revisions.
- India remains a "key growth engine for the world," the IMF stated, citing resilience despite energy price shocks and welcoming steps to modernize macroeconomic statistics.
- On August 31, 2026, the government announced India's GDP grew 7.8% in the first quarter of the financial year 2026-27, accelerating from 6.9% in the corresponding 2025-26 quarter.
- Former Finance Secretary Saurabh Garg alleged the nominal GDP growth rate was 2.6% rather than 10.3%, claiming real growth would be zero after adjusting for 2-2.5% inflation.
- On September 1, Congress general secretary Jairam Ramesh described the figures as "statistical jugglery," arguing the official data contradicted conditions on the ground.
- IMF official Julie Kozack encouraged authorities to "further strengthen the statistical framework," noting that incorporating new industrial production and producer price index series should improve future accuracy.
28 Articles
28 Articles
The latest remarks by the International Monetary Fund (IMF) are important amidst the ongoing debate about India's GDP growth. The IMF has described India's new economic data system as positive and said that the updated IIP and PPI series can improve GDP estimates.
Amid GDP credibility debate, IMF backs India's statistical reforms
Julie Kozack, Director of the Communications Department at the IMF, said the latest GDP release incorporated the two new statistical series and described their inclusion as an important step towards strengthening India’s macroeconomic statistics.
India Resilient Despite Energy Price Shock, Says IMF Supporting Latest GDP Data by Govt
Get latest articles and stories on Business at LatestLY. India's economy has shown resilience despite the energy price shock, with the country's 7.8 per cent real GDP growth in the first quarter of FY27 coming in above expectations, the International Monetary Fund (IMF) said, while also welcoming changes in India's GDP estimation system amid a debate over the integrity and transparency of the data. Business News | India Resilient Despite Energy …
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