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
As India shifts its GDP base year to 2022-23, economists are divided on whether the unrevised WPI base will distort real growth estimates, even as CPI has been updated to 2024
Economists expect Q3 GDP growth to remain above 7 per cent, supported by a pickup in consumption and investment
India's revised GDP series will introduce major changes in inflation adjustment for consumption, investment and trade, shifting toward granular deflators and global SNA standards to reduce volatility
Panel report released by the National Statistics Office signals shift to more granular expenditure tracking
Finance minister says Budget aims to strengthen domestic capabilities, citing strong growth and low inflation as a "Goldilocks moment" for the economy