GDP Growth

A prolonged West Asia conflict could strain India's fiscal position through higher fertiliser subsidies, rising import costs and weaker revenue growth

An e-way bill is an electronically generated document mandated under the GST regime for the movement of goods valued at more than Rs 50,000

The fiscal deficit as a percentage of GDP for three financial years till 2024-25 has been revised upwards following the revision in base year for calculation of GDP, the government informed Parliament on Tuesday. As per the new GDP Series published on February 27, the fiscal deficit as a percentage of GDP works out to be 4.9 per cent for 2024-25, 5.7 per cent for 2023-24, and 6.7 per cent for 2022-23, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Rajya Sabha. The fiscal deficit was earlier estimated at 4.8 per cent for FY'25, 5.63 per cent for FY'24 and 6.4 per cent for FY'23. In absolute term, fiscal deficit stood at Rs 15.74 lakh crore in FY'25, Rs 16.55 lakh crore in FY'24 and Rs 17.38 lakh crore in FY'23. On February 27, 2026, the government released the new series of Gross Domestic Product (GDP) estimates with 2022-23 as the base year, replacing the previous series with a base year of 201112. With the new 2022-23 base, the Nominal GDP or GDP at

Some ministries are over 45% short of revised estimates

Economists expect India's FY27 growth to exceed 7 per cent under the new GDP series, supported by capex push and consumption, though trade tensions and El Nino risks loom

Economy expands 7.8% in Q3; manufacturing shines bright

The GDP revision improves measurement, says former chief statistician Pronab Sen, but raises questions on double deflation, consumption surge and fiscal maths

Nominal GVA growth maintains downward trajectory for agriculture and allied in FY26

Discrepancies between the expenditure and production sides not completely wiped out

India's Second Advance GDP Estimates for FY26 signal strengthening private consumption, steady government spending and firmer investment momentum, reflecting shifts under the revised GDP series

The significance of these figures becomes even more striking when viewed against the backdrop of numerous methodological changes and use of new data sources in the base revision exercise

Lower nominal GDP estimates have nudged up FY26 fiscal deficit and debt ratios, implying a steeper consolidation path even as new NSO GDP data revises sectoral weights

India revises GDP methodology | Pronab Sen explains what it means

India's GDP growth for FY27 is seen at 7-7.4% under the new series, with risks tilted upward, as strong momentum, reforms and trade deals lift the outlook

One way to look at the new series is as a shift from a grainy image to a higher-resolution one. The scene itself does not suddenly change, but the blur is reduced

India is set to release a revised GDP series with FY23 as the new base year, replacing 2011-12.

Overall, the 2022-23 base revision represents a substantive statistical reset

What is GDP, how is it calculated, and why do estimates matter? A simple guide to GDP, GSDP, nominal vs real growth and India's new base year

India will shift GDP base year to FY23 and adopt price deflators and double deflation to improve accuracy, reflect structural shifts, and align national accounts with global standards

EAC-PM chief Mahendra Dev says India must raise investment, expand labour-intensive manufacturing, upgrade health and education and deepen state-level reforms to reach developed-economy status by 2047