India’s Growth Moment: Making an Impressive Quarter Last a Generation
India’s latest growth figures offer a compelling reason for confidence. In April–June 2026, the first quarter of financial year 2026–27, real GDP expanded by 7.8% compared with the same quarter a year earlier. Released on August 31, these estimates describe growth after adjusting for price changes. They do not mean the economy expanded 7.8% over the immediately preceding quarter. That distinction matters when assessing an achievement that deserves both appreciation and careful interpretation. The performance is impressive because several engines contributed. Official figures show investment, measured by gross fixed capital formation, rising 11.9%, household consumption increasing 7.1%, and exports of goods and services growing 12% . Manufacturing and services supported the expansion. An economy gains resilience when households spend, businesses invest and producers find buyers abroad. This combination is more encouraging than growth dependent entirely on a temporary stimulus or a...