Piyush Goyal Defends India's 7.8% GDP Growth Rate, Slams Opposition For Spreading 'Negative Thinking' | Video

Union Commerce and Industry Minister Piyush Goyal on September 2 defended India’s latest GDP growth figures and criticised Opposition leaders questioning the numbers, saying that politicians and ministers do not produce or compile economic statistics.

Goyal said the data is generated through an established system that has been in place for years, arguing that attempts to cast doubt on the figures amount to undermining public confidence in the country’s economic performance.

“The truth cannot be hidden,” Goyal said, stressing that neither politicians nor ministers decide the statistics. He said the figures are compiled using data from different industries and sectors through an established process.

The minister described the reported 7.8% economic growth as a “path-breaking record”, asserting that India’s rapid expansion reflects the collective efforts of its 140 crore people rather than the work of any individual or government.

“This is done by the 140 crore people of India. This is done by their hard work,” Goyal said, crediting the country’s citizens and their collective efforts for India’s economic progress.

Goyal Accuses Critics Of Spreading ‘Negative Thinking’

Taking aim at those questioning the growth numbers, Goyal said bringing “negative thinking” into the public discourse could weaken confidence in the country.

He also criticised economists and Opposition leaders appearing on television channels, accusing them of presenting a negative picture of the Indian economy. Goyal urged them not to “mislead the media” and instead acknowledge what he described as the achievements of the country’s people.

The minister also credited Prime Minister Narendra Modi’s leadership with creating greater aspirations among Indians and cited initiatives such as Digital India as examples of efforts that have encouraged people to aim for bigger economic and technological goals.

Goyal Predicts Continued Economic Growth

Goyal said he expected the Indian economy to maintain strong momentum, pointing to rising demand across several sectors.

He said automobile and auto-component sales, engineering products and electronics were showing signs of growth and suggested that the economy could register 15% growth, while acknowledging the strong demand visible across the country.

According to Goyal, rising incomes and an expanding middle class are contributing to increased domestic consumption. He also pointed to higher imports as another indicator of demand, arguing that stronger imports can reflect greater economic activity.

The minister highlighted the performance of several major sectors, including steel, cement and textiles, as evidence of broad-based economic activity.

‘Opposition Leaders Will Fail Again’: Goyal

Goyal also pointed to recent economic indicators, including production and sales figures and GST collections, saying they suggested continued momentum in the economy.

He said he had already expected the first quarter to perform strongly and maintained that the available indicators supported that assessment.

Taking another swipe at the Opposition, Goyal said some leaders wanted to portray India as a “dead economy” but would fail in their attempts.

He expressed confidence that India would continue to grow rapidly under Prime Minister Modi’s leadership, while reiterating that the latest growth figures should be viewed as the result of the collective efforts of the Indian population rather than attributed solely to the government.