New Delhi, Sept. 3 -- State Bank of India (SBI) has rejected criticism of India's 7.8% real GDP growth in the first quarter of FY27, saying the calculation that puts nominal GDP growth at 2.6% is based on an incorrect comparison of GDP numbers.

Former Finance Secretary Subhash Chandra Garg, speaking to a business TV news channel, had questioned the reported 7.8% GDP growth in Q1 FY27, pointing out that last year's current-price GDP had been revised from around Rs 86 lakh crore to Rs 80 lakh crore. He argued that without this revision, the growth at current prices would have been around 2.6%.

According to data released by the Ministry of Statistics and Programme Implementation (MoSPI), India's real GDP grew 7.8% year-on-year in Q1 FY27. ...