ADVERTISEMENT“We should read that figure cautiously,” Subramanian, who was the Narendra Modi government’s chief economic adviser for a little under four years from 2014 to 2018, told Bloomberg in an interview. The BJP had seized on the data to underline its economic narrative, calling the current phase a “Goldilocks moment”. “Even directionally, it is not obvious that the economy is recovering,” he said. Subramanian said the macro position is reasonably strong but the fiscal situation “is not as strong as it should be”. Goldman Sachs expects India’s growth to slow to 6.8 per cent in FY27 from an estimated 7.3 per cent in FY26, despite the government’s 7.4 per cent estimate for the current year.

Source: The Telegraph January 09, 2026 11:17 UTC