GDP growth projection for FY27 revised to 7-7.4% as per new series: CEA

Economy continues to maintain strong growth momentum, supported by broad-based activities, says CEA Nageswaran

Chief Economic Advisor V Anantha Nageswaran on Friday said the Economic Survey’s growth projection for FY27 had been revised upward to 7–7.4 per cent under the new GDP series, citing sustained economic momentum.

 

“We are improving our GDP growth outlook for FY27 from 6.8–7.2 per cent earlier to 7–7.4 per cent under the new series. The economy is more likely to achieve a number closer to 7.4 per cent rather than 7 per cent,” Nageswaran said.

 

The Economic Survey, presented in Parliament in January, had earlier projected growth of 6.8–7.2 per cent for 2026-27.

 

Nageswaran reiterated that, based on current indicators, nominal GDP growth would be close to 11 per cent and the size of the economy would comfortably cross the $4 trillion mark.

 

Addressing a press conference on the release of the new series, the CEA said the economy continued to maintain strong growth, supported by broad-based activity across sectors. He further said that current indicators pointed to steady expansion despite global uncertainties.

 

The Ministry of Statistics and Programme Implementation (Mospi) on Friday released a new series of annual and quarterly National Accounts Estimates with 2022-23 as the base year, replacing the earlier 2011-12 base year series.

 

Based on prevailing trends, nominal GDP growth is expected to be close to 11 per cent in FY27, he said, adding that this would comfortably push the size of the economy beyond the $4 trillion mark.

 

Under the new series, GDP is projected to grow at 7.6 per cent in FY2025-26, compared with 7.1 per cent in the previous financial year.