The headline GDP numbers for the third quarter of 2024-25 have offered an optical comfort — a steady 6.2% growth print, accompanied by upward revisions to both projected growth for 2024-25 and for the past years, 2022-23 and 2023-24.The retrospective strength embedded into these revisions, particularly in personal and government consumption, looks increasingly difficult to reconcile with the economic reality unfolding on the ground.The credibility gap stems from the glaring disconnect between surging private final consumption expenditure in the GDP data and the underwhelming performance of key indicators that should, in principle, reflect the same demand story.
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