Is India’s economy in a worse state than official GDP numbers?

India’s GDP numbers over past two decades have been misestimated, with growth during 2005–2011 understated and between 2012 and 2023 overstated, according to new working paper co-authored by Arvind Subramanian, former Chief Economic Adviser to the Union government. It points to use of formal sector data to estimate the informal economy, and a growing disconnect between GDP and key indicators.