Dr. Saumy Kanti Ghosh Flags Four Critical Questions on Q1 FY26 Growth

Dr. Saumy Kanti Ghosh, Group Chief Economic Adviser at State Bank of India, said that the announcement of a 7.8% GDP growth rate for the first quarter of FY26 raises four pressing questions. The first concerns the magnitude of the nominal GDP decline; the second seeks a sector‑wise breakdown of the fall; the third asks why the GDP deflator appears unusually low despite high WPI and CPI readings in Q1 FY27; and the fourth questions the perception of robust growth when key indicators such as private investment remain weak.

Ghosh called for a comprehensive public debate to address these issues and to ensure that growth statistics reflect the underlying economic reality.