Former Prime Minister Manmohan Singh also accused the government of juicing the numbers to hide a weak recovery.
Some are concerned with a number of other data, including exports and corporate profits, that still point to weakness in the economy. For instance, the latest government data revealed factory output at a five-month low and exports falling for the fifth-consecutive month. Additionally, bad loans are estimated to increase to a 15-year high.
“Is growth picking up?” Pranjul Bhandari, an economist at HSBC Holdings Plc, said in a note. “Depends on who you ask, what indicators you look at and, more recently, how much you buy into the new GDP series.”
PowerShares India Portfolio
For more information on India, visit our India category.
Max Chen contributed to this article.