“…we are improving our GDP growth outlook for FY27 from 6.8 to 7.2 previously to 7 to 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,” Chief Economic Advisor V Anantha Nageswaran said while addressing a press conference on the release of new series.
New Delhi: India’s economic growth slowed in the October-December quarter as government spending and private investment eased, but the South Asian nation remained the world’s fastest growing major economy, helped by strong consumption.
The economy grew 7.8% in October-December from a year earlier under a new data series, slowing from 8.4% expansion in the previous quarter.
The Indian government’s projections under the new data series marginally boosted growth for financial year ending March 31. The economy is estimated to grow by 7.6% in 2025/26, the National Statistics Office said on Friday. It had been forecast to grow by 7.4% under the old data series.
For financial year 2026/27, the country’s projected economic growth has been revised to 7%-7.4% under the new series, said Chief Economic Adviser V Anantha Nageswaran after the data was released. In his annual report released last month, the economy was projected to grow at 6.8%-7.2% for 2026/27.
The economic growth projection for the next fiscal is revised upwards by 20 basis points to 7-7.4 per cent following the release of new GDP series, Nageswaran said.
The Economic Survey presented in Parliament in January had projected a growth rate of 6.8-7.2 per cent for fiscal year 2026-27.
Ministry of Statistics and Programme Implementation (MoSPI) is releasing the new series of annual and quarterly National Accounts Estimates with base year 2022–23, which replaces the previous series with base year of 2011–12.
“…we are improving our GDP growth outlook for FY27 from 6.8 to 7.2 previously to 7 to 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 while addressing a press conference on the release of new series.
He also said that based on current indicators, nominal GDP growth would be close to 11 per cent and the size of the economy would comfortably cross USD 4 trillion-mark.
Nageswaran also asserted that the Indian economy continues to maintain strong growth momentum, supported by broad-based activities.
As per the new series, GDP is likely to grow at 7.6 per cent during 2025-26, up from 7.1 per cent in the previous fiscal.