IMF Backs India’s New GDP Methodology. But Can the Numbers Withstand Scrutiny?
ECONOMY & POLICY | SPECIAL ANALYSIS The IMF’s endorsement strengthens the government’s defence of revised national accounts. Yet questions raised by former RBI Governor Raghuram Rajan and former Finance Secretary Subhash Chandra Garg highlight the need for transparent data, consistent comparisons and a closer look at what headline growth means. Illustrative graphic supplied for this story; not an official GDP chart. BY BIZ MASALA DESK • 20 OCTOBER 2026 India’s economic growth debate has taken an important turn. The International Monetary Fund (IMF) has welcomed the country’s revised Gross Domestic Product (GDP) methodology, strengthening the government’s defence of its statistical framework. The endorsement comes amid controversy over reported real GDP growth of 7.8% in April–June 2026 and criticism from two prominent former policymakers: Raghuram Rajan and Subhash Chandra Garg. The dispute is about more than whether India is growing ra...