This marks the first quarterly GDP release under the updated national accounts framework with a base year of 2022-23.
The Ministry of Statistics and Programme Implementation’s (MoSPI) data revision, including adoption of “double deflation” and expanded coverage of modern economic sectors, aims to provide a more accurate picture of India’s economic performance.
At a press briefing in New Delhi, Chief Economic Advisor V. Anantha Nageswaran said “the economy continues to maintain strong growth momentum, supported by broad-based economic activity.” He highlighted that per capita nominal GDP growth could reach 9 %, noting that in recent years per capita real income growth has averaged about 6.8 %.
“The Economic Survey’s growth projection for FY27 has been revised upward to 7–7.4% under the new GDP series,” Chief Economic Adviser V Anantha Nageswaran said on Friday.
The Survey had earlier projected the economy to expand by 6.8–7.2% in fiscal year 2027, citing strong domestic demand as a key driver even as global volatility posed risks to the outlook.
The revised GDP figures show that economic output for the full year FY26 is expected to be around 7.6 %, reflecting resilience even as sequential quarterly growth eased. Analysts say this reinforces India’s position as one of the fastest-growing major economies globally. In his remarks, Nageswaran also flagged favourable supply-side conditions, including robust rabi crop sowing, comfortable foodgrain stocks and easing global commodity prices, which are likely to keep inflation stable going forward.
Looking ahead to the next fiscal year, the Economic Survey’s growth projection for FY27 has been revised upward to 7 %–7.4 % under the new series. Nageswaran said improved policy certainty following progress on trade agreements including talks with the United States and European Union is expected to support exports and capital flows.
On fiscal policy, the government plans to continue consolidation, with the fiscal deficit for 2025-26 estimated at about 4.5 % of GDP (RE) even while maintaining elevated public investment.
In terms of domestic demand, key indicators such as year-on-year growth in two-wheeler sales point to sustained consumer activity. Nageswaran said the momentum in both consumption and investment suggests the outlook for the economy remains strong.
India has revised its GDP series with 2022–23 as the new base year, replacing 2011–12, with the updated data and back-series. According to the ET poll, expectations for the quarterly GDP ranged from 7% to 8.7%, and the latest print suggests activity held up better than anticipated.