The International Monetary Fund (IMF) has backed India’s latest economic data, saying the country’s economy remains resilient despite the global energy price shock. The IMF’s comments come after India reported real GDP growth of 7.8% in the April-June quarter of FY27, a figure that was higher than both the Reserve Bank of India’s earlier estimate of 7% and the expectations of several observers.
VIDEO | Washington, USA: IMF Director of Communications Julie Kozack says, "India's real GDP in the second quarter grew by 7.8 per cent. That was above our staff expectations and also the consensus among other observers. This upward surprise was driven by stronger than expected… pic.twitter.com/vGxu2XBCHV
— Press Trust of India (@PTI_News) September 10, 2026
At a press briefing, IMF spokesperson Julie Kozack said the stronger-than-expected growth was mainly driven by better performance in the services sector and exports. She said the latest numbers showed the resilience of the Indian economy and underlined India’s position as an important growth engine for the global economy.
According to data from the Ministry of Statistics and Programme Implementation (MoSPI), real GDP stood at ₹81.36 lakh crore during the April-June quarter, compared with ₹75.46 lakh crore in the same period of FY26.
IMF supports changes in India’s GDP system
The IMF also backed the changes made to India’s GDP estimation process. Kozack said the latest GDP release included a new Index of Industrial Production (IIP) and a new Producer Price Index (PPI) series, which are expected to improve the quality of GDP estimates.
She said the IMF welcomed India’s efforts to modernise its macroeconomic statistics and encouraged the authorities to continue strengthening the country’s statistical framework and data quality.
The IMF’s comments came at a time when India’s latest GDP figures had become the centre of a political and economic debate.
Subhash Chandra Garg questions GDP numbers
Former Finance Secretary Subhash Chandra Garg questioned the reported 7.8% growth and raised concerns over revisions made to the previous year’s GDP figures.
Garg argued that the current-price GDP for the previous year had been revised downward from around ₹86 lakh crore to ₹80 lakh crore. He suggested that if the earlier figure had been retained, the growth rate at current prices would have been around 2.6%.
“The 7.8 % figure looks impressive on the face of it, but we should examine the reality behind it,” Garg said in an interview with NDTV.
His comments quickly became part of a wider political debate. However, the 2.6% figure being circulated as his estimate of real GDP growth does not reflect the calculation he actually made. His calculation compared nominal GDP figures from different base-year series, producing the roughly 2.6% number.
Pawan Khera, Supriya Shrinate attack government
Congress leader Pawan Khera used Garg’s remarks to question the government’s claims about the economy. He said Garg had “punctured” the government’s 7.8% GDP growth narrative and argued that the downward revision of the previous year’s figures had made the latest growth rate appear stronger.
Subhash Garg has punctured the government’s tall claims of 7.8% GDP growth, arguing that India’s real GDP growth is closer to 2.6%.
— Pawan Khera 🇮🇳 ಪವನ್ ಖೇರಾ (@Pawankhera) September 2, 2026
His contention is even more damning: the previous year’s GDP growth was revised downward, making this year’s growth rate look stronger by… https://t.co/ejGe8Ea7hR
Khera also linked the debate to concerns over rising prices, reduced purchasing power, stagnant employment opportunities and increasing household debt.
India’s former Finance Secretary – Subhash Garg has raised serious concerns on the GDP growth data.
— Supriya Shrinate (@SupriyaShrinate) September 2, 2026
Hard facts about how last year’s current price GDP of ₹86 trillion was revised down to ₹80 trillion to arrive at a 7.8%, which would’ve otherwise been 2.6%
“He understands… pic.twitter.com/6gJNdUcTQL
Congress leader Supriya Shrinate also raised questions over the GDP revision. She cited Garg’s concerns over the change in the previous year’s current-price GDP and said his background as a former Finance Secretary made his criticism significant.
World Bank official rejects 2.6% claim
Earlier, World Bank Executive Director Neelkanth Mishra, who was government-nominated, strongly rejected claims that India’s real GDP growth was actually only 2.6%.
Mishra called the claim “ill-educated” and “egregiously wrong”, saying the argument was so clearly incorrect that several logical rebuttals had already been made.
He defended the new GDP series introduced in February 2026, saying it had improved the methodology and strengthened the credibility of India’s economic estimates. Mishra also pointed to strong indicators such as vehicle sales, tax collections, credit growth and construction activity as evidence of economic momentum.
According to him, the June-quarter data showed that growth had picked up, although some slack remained in the economy, particularly in real wage growth.
With the IMF now welcoming India’s revised statistical framework and the World Bank executive director rejecting the 2.6% interpretation, the debate over India’s GDP numbers continues, but international assessments cited in the discussion have supported the credibility of the latest growth estimates.
