The macro data out of Q3 seems to be at odds with the high-speed data from that period. The Central Statistics Office (CSO) estimate is that gross domestic product (GDP) growth was maintained at seven per cent, a full percentage point higher than the International Monetary Fund (IMF)’s projections and well above any independent estimates. What’s more, this growth was supposedly driven by very high private consumption, which grew at over 10 per cent in constant rupee terms. It’s possible that some consumption, which went unrecorded earlier (with cash payments and all taxes avoided), showed up in the formal economy.
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