Economists Warn India's GST Growth Has Slowed Sharply

India's GST collections remain above ₹2 lakh crore monthly, but economists Arvind Subramanian, Josh Felman and Abhishek Anand say underlying growth has slowed sharply since FY23. Headline growth fell from 21.9% in FY23 to 7.5% in FY26, with actual gross growth at 5.8% after accounting for cess and excise duty changes. September 2025 reforms complicate comparisons.