WORKING PAPER 26-3. India's 20 Years of GDP Misestimation: New Evidence. Abhishek Anand, Josh Felman, and Arvind Subramanian. March 2026. ABSTRACT. This working paper presents new evidence suggesting that India misestimated its annual growth rate during the past two decades. Growth during the boom years between 2005 and 2011 may have been underestimated by about 1–1½ percentage points on average; and subsequent growth between 2012 and 2023 may have been overestimated by about 1½-2 percentage points. Once th ...