00:00We are breaking news right at the top. This is with regards to the debate over the GDP growth numbers
00:06that have come in now.
00:08It is Piyush Goyal who's hit back at the opposition, who's come out to raise questions about the very projected
00:14numbers.
00:15In fact, coming out to allege that they have fudged numbers.
00:18The government defends India's GDP growth figures and Union Minister Piyush Goyal hits back at the GDP critic saying,
00:25do not compare apples and oranges.
00:29Piyush Goyal has hit back at the opposition, former finance secretary, over the remarks on the quarter one GDP growth.
00:34He has to say that the government rejected the argument that the first quarter economic growth was closer to 2
00:40.6%.
00:41Calling the comparison an apples and oranges exercise.
00:45Those two comparisons do not stand.
00:48This is what Piyush Goyal has to say at this given point of time with regards to all of the
00:53questions
00:54that have been raised about the latest GDP growth numbers of 7.8% that's come in.
01:00Listen in to what the Union Minister had to say first.
01:08In this global world of Des Moines, India is that one oasis in the desert.
01:16India is that one country which has continued to stay the course.
01:23We've continued to be the fastest growing amongst the large economies of the world.
01:30The naysayers can say what they want.
01:33But 7.8% growth is a reality.
01:38When I see on television some of the opposition leaders,
01:42even possibly you can throw in along with them a former finance secretary or a former reserve bank governor,
01:52both of whom could not complete their time in India or in the government,
01:59they don't even know how to compare apples with apples.
02:02They are trying to misguide the people of India comparing a growth rate and an old series with a new
02:12series
02:13where the base year itself has changed.
02:18Piyush Mishra joining us on the broadcast with more details on this now.
02:23Piyush, a very good morning to you.
02:24This is what the Union Minister has to say in response to the comparisons that have been brought in.
02:29The BJP has maintained, A, not only have they rejected all of the comparisons and analysis
02:36that's been done so far by the former finance secretary,
02:40but also come out to say that we're comparing two very different data sets altogether.
02:47Apples and oranges, that is the reference point that's been pulled in by Piyush Goyal.
02:54Well, that's right, Shreya. Good morning to you and to all our viewers.
02:57I'd like to rightly mention that, yes, the government is rejecting the kind of claims
03:01those are being made by a holistic political party.
03:03You would remember that since the GDP figures were out,
03:06we have seen various opposition leaders, especially leaders from the Congress party,
03:12coming out in open and saying that these are distorted numbers.
03:15There is no truth in the kind of claims which the government is making.
03:20After which, you also heard what the former finance secretary had to say.
03:25Following which the government has come out in the open,
03:27we yesterday spoke to the secretary of the Ministry of Statistics and Programme Implementation.
03:32He told us that the methodology which was used in calculating GDP,
03:38you know, it was done with due diligence.
03:41The granular data was collected and after that, the GDP has been collected.
03:46He has also said that people should not be hesitant in accepting the India's growth story.
03:52So, yes, Shreya, a lot of politics is taking place.
03:55We are also hearing what Piyush Goyal is saying,
03:57that people are not happy with the kind of growth India has had.
04:02And they should understand that, you know, we are now moving towards Viksit Walat.
04:06And these are real GDP numbers that's what various union ministers are also coming to be for.
04:12Now, we'll have to wait and watch how the opposition is further going to escalate this entire matter.
04:17Why? Because they are quoting what the former finance secretary has said.
04:20But after these GDP numbers have come out,
04:23we are now seeing a lot of political controversy taking place.
04:26We'll have to wait and watch how it is further going to escalate.
04:29Right, Piyush, definitely politics viewers seem to be snowballing over this very matter.
04:35But let us understand one thing.
04:37Not everybody is coming out to oppose the very GDP numbers.
04:41There are NRIs, non-residing Indians, who have come out to hail India's growth story.
04:46We'll take you through why and what is it that they have given their stamp of confidence to.
04:52Number one would be the massive response to the RBI Forex swap scheme.
04:58This is the scheme under which we see the entire exchange of Indian rupees to the U.S. dollars takes
05:05place.
05:05That entire system that exists for that.
05:08$137 billion received and premature closure for that very scheme has been highlighted.
05:15The NRI bank deposit inflows is somewhere at around $127 billion.
05:21The NRI bank deposits 50% more than the expected amount that had been cited.
05:29And moreover, overseas Indians invest wholeheartedly in this very scheme.
05:35So yet another economic indicator after the 7.8% GDP figure is this very scheme that we are speaking
05:43of.
05:43That is, the RBI Forex swap scheme, that is.
05:48Now the scheme is to support the Indian rupees turned into the vote of confidence.
05:52And the scheme offers a higher interest rate that matures in a time period of three long years.
05:59This is how it in fact works currently.
06:02And this is the very system that's been hailed and it's another indicator of the fact the Indian economy has
06:09been in its stage of growth
06:11and has been showing strong indicators at this given point which in fact supports the data that shows that yes,
06:20the Indian economy is on the right path.
06:22And in fact, as we speak of it, let's take you through the last 24 hours and the developments that's
06:28come into the GDP growth story,
06:30especially in terms of the politics that we're referring to here.
06:34India's bumper 7.8% GDP growth has now turned into a full-blown political and economic showdown.
06:42The government is celebrating the numbers while the opposition and the economists are questioning what lies behind the headline figure.
06:49Union Minister Piyush Goyal has hit back hard at the doubters,
06:53taking a jibe at critiques like former Finance Secretary Subhash Chandra Garg,
06:57saying it's only a few jobless people who call themselves economists and appear on TV channels to harm the country.
07:04Political battle escalated after Garg questioned the revision of the previous year's quarter one GDP
07:09from around 86 lakh crore rupees to 80 lakh crore rupees,
07:14arguing that this would mean current price growth of only 2.6%.
07:19Now, the Congress quickly latched on, accusing the government of fudging the GDP figures and questioning the downward revision.
07:26Meanwhile, the government has rejected the charge, saying the comparison mixes different GDP series altogether
07:32and that the 7.8% figure is now based on the new 2022-2023 base year series and constant
07:41prices.
07:42And now, speaking to India today,
07:44Shubhash Chandragar, which we'll just bring to you in a little while,
07:47is standing by his contention, keeping the GDP data showdown allow you.
07:51Now, before we show that, take a look at the responses that have otherwise come in to the political aspect
07:56of the story.
08:08Shubhash Chandragar, which we'll just bring to you in a little while,
08:29This statement to make that there has been some data fudging done is extremely unfortunate.
08:38I think the attempt of the National Statistics Office has been to ensure that we are transparent and very open
08:44about our data,
08:45about the methodologies that we are using.
08:48We have been doing data user conferences.
08:50We have been doing expert discussions for over the past couple of years explaining the methodology used.
08:57So it's highly, all I can say is highly unfortunate that a different narrative is being built up when the
09:05actual facts are otherwise.
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