The leash on animal spirits.

According to the National Statistics Office, "Real GDP has been estimated to grow by 6.5% in FY 2024-25." "As per the First Revised Estimates, Real GDP has grown by 9.2% in the financial year 2023-24." "As per the Final Estimates, Real GDP has observed a growth rate of 7.6% in the financial year 2022-23." pib. gov.in. The growth rate for FY23 was revised up by 60 basis points (bps), from 7% to 7.6%, while that of FY24 was upped by a full 100 bps, from 8.2% to 9.2%. BS. while  "For the full financial year (2024-25), growth is seen at 6.5%," which "implicitly assumes that economy will grow at 7.6% in the fourth quarter." "Large magnitude of revisions makes the assessment of economic conditions and formulation of policy responses a challenging task," wrote Prof Radhika Pandey & Pramod Sinha. "Smaller revisions in GDP numbers are a common practice, what baffles analysts and economists are the massive revisions." "Provisional GDP numbers usually rely on listed firm's data. The unlisted (unorganised) firms' data is usually available with a lag. It is likely that unlisted firms fared better," said economist Subhada Rao. According to the Annual Survey of Unincorporated Sector Enterprises (ASUSE) 2023-24, "the average informal sector firm operating in the market had just 1.64 workers (including working owners), of which just 0.42 were hired workers." The gross value added (GVA) of the firm "less emoluments paid to workers and rental paid on fixed assets - was just Rs 14,836 per month or Rs 178,036 per year," wrote Abhishek Jha & Roshan Kishore. "87% of informal sector firms in the 2023-24 ASUSE data are own account establishments which means they hire no workers and run with just the working owners and unpaid family members." "Even in manufacturing almost three-fourths of the workers are either owners or unpaid family members." "Growth in private consumption as well as investment remain at least two percentage points per annum lower than their pre-2019 rates." "Meanwhile, private-sector data broken up by industry groups also points to a drying up of pent-up demand," wrote Prof Himanshu. A report from Blume Ventures estimates that India's consuming class is only as big as that of Mexico at 130-140 million, while "around a billion lack money to spend on any discretionary goods or services." BBC. We need to remove "ambiguities in laws and regulations", cut the powers of bureaucrats and punish those who abuse the rules, wrote Pradeep S Mehta. In FY 2000, "household savings accounted for 84% of the total savings in the economy, but this share has now dropped to just 61% in FY23." Financial savings fell from 10.1% of GDP to just 5% of GDP while financial liabilities have risen from 2% to 5.8% over the same period." ET. The government has scrapped bilateral investment treaties to protect national interests but foreign companies will not invest because they have little faith in our justice system. Our merchandise exports are less than 3% of global merchandise exports, and shrinking, wrote TCA Sharad Raghavan. GDP is just a number, the economy is the people. 'Animal spirits'  (Investopedia) cannot be unleashed unless the restraints are removed. Government is the leash.