Key Points
He predicted that India will have 8 per cent growth in the fourth quarter and called it "good" growth considering the current global economic situation...
On being asked about how India's economy is viewed in the IMF meetings being held in the US, he said, "So, if you look at the Indian economy now, ever since COVID, it has grown consistently at 7 per cent plus, 9.7 per cent the year after COVID, then 7 per cent and then this year, 8.2 per cent, 8.1 per cent, and 8.4 per cent growth in the first three quarters..
In the second quarter, gross value-added grew at 7.7 per cent, that was just 40 basis points less than 8.1 per cent growth in the GDP in the second quarter," Subramaniam said.. "Only in the third quarter has there been a higher wedge, with gross value-added growing at 6.5 per cent versus 8.4 per cent for GDP, even that is quite well understood given the tax buoyancy..
On being asked about economist Thomas Piketty's report, in which he mentioned that India's income inequality is worse than that under British rule, he stated, "If you look at the recent consumption survey that has been released and now experts have actually clarified very clearly that the 2011-12 consumption survey and the 2022-23 consumption survey are indeed comparable because the survey method is indeed the same, when you look at those numbers, both poverty and inequality have declined significantly."..
Asked about some commentators' views regarding India's GDP growth, he said, "I think shared on that earlier I said that the gross value-added actually, as you saw in the first-quarter growth in gross value added and that in GDP was the same 8.2 per cent, second quarter 7.7 per cent for gross value added, while GDP growth was 8.1 per cent, not a large difference, only in the third quarter..
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