Number Theory: A peek inside India’s informal economy – I

The GDP numbers released by the National Statistical Office (NSO) on Friday raise an intriguing question. The Indian economy grew at 9.2% in the fiscal year 2023-24, yet the incumbent Bharatiya Janata Party (BJP) lost more than 20% of its seats in the Lok Sabha in the 2024 general elections. Why did high economic growth – 9.2% is pretty good by any standard – not translate into political traction for an incumbent?