India’s GDP growth revised up to 7.8% for FY26 as MoSPI releases National Accounts Statistics 2026
MoSPI’s National Accounts Statistics 2026 revises India’s FY2025-26 real GDP growth to 7.8% from 7.7%, while updating GDP estimates from FY2022-23 after adopting new price and production indicators.
The new publication, based on the 2022-23 base year, provides revised estimates of national income, production, expenditure and other major macroeconomic aggregates.
NEW DELHI: India’s real GDP growth for 2025-26 has been revised upward to 7.8% from the previously released 7.7%, according to the National Accounts Statistics – 2026 released by the Ministry of Statistics and Programme Implementation (MoSPI) on August 31.
The new publication, based on the 2022-23 base year, provides revised estimates of national income, production, expenditure and other major macroeconomic aggregates. It incorporates updated data and new series of key economic indicators, resulting in revisions to GDP estimates from 2022-23 onwards.
The latest numbers show that the revision has not been uniform across years. At constant prices, GDP growth for 2023-24 has been revised to 7.3% from 7.2%, while growth for 2024-25 has been revised to 7.2% from 7.1%. For 2025-26, the provisional growth estimate has been revised to 7.8% from 7.7%.
GDP estimates undergo broad revisions
The updated estimates also alter the absolute size of the economy.
At constant prices, GDP for 2022-23 has been revised from ₹2,61,17,627 crore to ₹2,61,77,001 crore. For 2023-24, it has been revised from ₹2,80,00,767 crore to ₹2,80,94,358 crore.
For 2024-25, the revised constant-price GDP stands at ₹3,01,15,428 crore, compared with ₹2,99,88,619 crore previously released. For 2025-26, the provisional estimate has been revised to ₹3,24,70,100 crore, from ₹3,23,12,034 crore.
At current prices, however, the 2025-26 GDP estimate has been revised downward from ₹3,46,35,638 crore to ₹3,45,36,796 crore, with nominal GDP growth revised to 8.6% from 8.9%.
Why has GDP been revised?
The revisions follow the incorporation of new series of the Producer Price Index (PPI), Index of Industrial Production (IIP) and Banking Services Price Index (BkSPI), all with a 2022-23 base, along with updated information from administrative sources.
The switch to PPI is particularly significant. The new PPI has expanded its commodity basket and quotations, adding emerging items and removing obsolete items that were part of the earlier Wholesale Price Index (WPI) series. MoSPI says the broader coverage and revised weights provide improved mapping of price measures to activities covered by the national accounts.
The revised IIP also provides wider coverage of items and quotations, while the new BkSPI enables measurement of changes in the actual physical volume and transactional activity of banking services.
Mining, manufacturing and services affected
The impact of the methodological changes varies across sectors.
In mining and quarrying, revisions to constant-price GVA are associated with the new IIP series, which uses a revised base for the index of mineral production compiled by the Indian Bureau of Mines.
In manufacturing, the expanded PPI coverage has improved the mapping of price measures to relevant economic activities, resulting in revised estimates. Trade services have also been updated following the replacement of WPI with PPI as an underlying price measure.
MoSPI has also revised current-price estimates for Public Administration and Ownership of Dwellings, with corresponding changes to constant-price estimates.
The revisions for 2025-26 are broader because they also incorporate an update to the benchmark estimates for the previous year, in addition to the new PPI and IIP series.
A wider picture of the economy
The National Accounts Statistics – 2026 publication goes considerably beyond the headline GDP number. It contains detailed statements covering GDP and national income, per-capita income, GVA, consumption, savings, capital formation, government expenditure, external transactions and sector-specific output and value addition.
The annexure lists detailed estimates covering agriculture and allied activities, mining, manufacturing, utilities, construction, trade and hospitality, transport, communications, financial services, real estate and other services. It also includes separate estimates for public-sector, private-corporate and household activities.
The publication additionally includes provisional estimates of national income and other macroeconomic aggregates for 2025-26, provisional GVA estimates by economic activity, and quarterly GDP estimates with expenditure components at both current and constant prices.
The bigger takeaway
The latest release is therefore more than a routine update to India’s GDP number. It represents a recalibration of the national accounting framework using newer price, production and banking indicators and updated administrative data.
For policymakers and analysts, the revised series provides a more current statistical foundation for assessing the size, composition and growth of the Indian economy. The accompanying Supply and Use Tables for 2022-23 and 2023-24 have also been updated to reflect the changes.
