Contested Benchmark Prints:
Headline Real GDP Growth
6.7%
Market headline print (YoY)
Underlying Real GVA Growth
6.8%
Supply-side value added
GDP vs GVA Wedge
-0.1%
Headline minus Value Added
Implied GDP Deflator
3.0%
Nominal (9.7%) / Real print
Statistical Discrepancy
1.4%
Residual balancing share
Quarterly Audit Diagnosis
Normal Divergence Band
Neutral Wedge; Expenditure Discrepancy within normal band with consumption rebound offsetting fiscal contraction
Macro Transmission Levers
Adjust core accounts to model counterfactual GDP outcomes
Why this sparks controversy: India computes GDP as
GVA + Net Taxes on Products (Taxes − Subsidies). When indirect taxes surge (or fuel/fertilizer subsidies drop), headline real GDP jumps even if factory floors and farms grew much slower.
Wedge & Waterfall Decomposition
Visual reconciliation: GVA to GDP via Net Product Taxes
Price Deflator Sensitivity Audit
Single vs Double Deflation Discrepancy
Headline Deflator
3.0%
Reported Implicit Price Deflator (IPD)
WPI/CPI Blended
3.7%
40% WPI (2.8%) + 60% CPI (5.1%)
Double-Deflation Est.
4.2%
Input cost deflated by true CPI
National Accounts Reconciliation Table
Detailed breakdown of demand-side expenditure components & production-side GVA
| Account Component | Nominal Weight | Simulated Real Growth | Contribution to GDP Growth | Controversy Risk Rating |
|---|
Audit Brief & Data Export
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