Celebrating his first year in office, Prime Minister Narendra Modi has basked in the success of transforming India into the fastest growing major economy.
But there are nagging doubts over whether a new way of calculating gross domestic product, introduced by the government earlier this year, has distorted the macroeconomic view.
The robust headline growth is hard to square with weak industrial activity, grim corporate earnings and an elusive recovery in bank credit.
For the 2014/15 fiscal year ending in March growth is expected at 7.4 percent, up from 6.9 percent in 2013/14, using the new series.
That is a startling turnaround from the previous data series that showed the economy was still struggling to gather steam after posting two successive years of growth below 5 percent - the longest spell of such low growth in a quarter century.
If India was doing so well there might be far less need for the central bank to lower interest rates for a third time this year, as analysts expect it to do at a policy review on June 2 next month.
But, the economy is still suffering from slack. Corporate sales and industrial production are down. Merchandise exports have fallen for five months in a row.
Arvind Subramanian, the government's Chief Economic Adviser, this week likened the state of the economy to flying on "one-and-a-half engines".
"Bad stuff has stopped happening, but the good stuff is still waiting to happen," he said.

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