HDFC Bank Economist Sakshi Gupta on new GDP series estimate
This story was originally published at 17:36 IST on 27 February 2026
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NEW DELHI - Sakshi Gupta, principal economist, HDFC Bank Ltd., said the following on India's GDP growth estimate based on the new series for the December quarter of 7.8% and for 2025-26 (Apr-Mar) of 7.6%:
The new GDP series shows that India recorded strong growth in FY26 supported by healthy consumption growth.
On the supply side, manufacturing growth has consistently outperformed compared to what the earlier series suggested, recording 11.5% growth in FY26. This could be partly on account of a change in deflator calculation as well as a better accounting of the informal sector. We estimate GDP growth for FY27 at 7.0-7.2% and nominal growth of 10.6%.
Nominal GDP level for FY26 is lower than what was assumed in the Budget and would need a much higher growth of above 13.7% for FY27 to align with Budget assumptions. On the new GDP series, assuming 10.1% GDP growth, fiscal deficit comes at 4.5% for FY27. End
As told to Shubham Rana
Filed by Tanima Banerjee
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