Former Chief Economic Adviser Arvind Subramanian has cautioned against interpreting India's 7.4% GDP growth estimate for the year ending March as a sign of robust recovery. He cited potential measurement issues with the deflator, slowing high-frequency data, and external risks. Subramanian highlighted concerns over US tariffs, increased Chinese imports, and the fiscal situation, suggesting that similar growth next year would be fortunate given global uncertainties. The government, however, has celebrated the growth figure as a positive economic moment.