Finance Ministry Defends India's GDP Data Against Critics, Says Income Approach Best Reflects Economic Growth

Ministry of Finance issued strong rebuttal to critics of India's GDP data, saying critics just want to portray economy negatively.

Ministry defended use of income approach to calculate GDP, said it does not switch between methods based on convenience.

Former CEA Arvind Subramanian criticized GDP deflator calculation, said it doesn't fully capture inflation impact.

Government explained its GDP deflator relies on Wholesale Price Index, which is contracting after peaking last year.

Ministry conceded GDP data alone insufficient to fully assess economic activity, said critics should look at more high-frequency indicators.