Kolkata: India’s Gross Domestic Product continued to grow despite global turmoil, driven by robust domestic consumption and an increase in investment, said S Mahendra Dev, chairman of the Economic Advisory Council of the Prime Minister. Dev also said there was a need to change the statistical methods designed two to three decades ago.“India’s GDP for the past three years has been around 7% per annum. Last quarter, it was 7.8%. India is resilient despite the West Asia war and tariffs imposed by the US,” Dev said on the sidelines of an interactive session organised by the Indian Statistical Institute.He said GST reforms and income tax relief had boosted domestic consumption, while investment was also growing.
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Referring to the controversy over the 2.6% GDP growth figure, Dev said the economy had changed significantly, with services, digital transactions and e-commerce expanding rapidly. “A statistical method designed for an economy 30 years ago will not be applicable to today’s economy,” he said.
