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Informist, Friday, Feb. 27, 2026

NEW DELHI – The new series of GDP with base year 2022-23 (Apr-Mar) released by the statistics ministry Friday pegged real GDP growth in FY25 at 7.1% from 6.5% in the old series. However, economic growth in FY24 slumped to 7.2% in the new series, from 9.2% in the old series with base year FY12.

With the revision in the base year, real GDP now stood at INR 299.89 trillion in the new series in FY25, from INR 187.97 trillion as per the old series. Real GDP in FY24 also rose to INR 280.01 trillion from INR 176.51 trillion in the old series. The increase will largely be due to the base year change.

In nominal terms, the first revised estimate of FY25 GDP fell to INR 318.07 trillion in the new series from INR 330.68 trillion as per the provisional estimate in the old series. GDP for FY24 in the new series was INR 289.84 trillion, also revised lower from INR 301.23 trillion as per the first revised estimate in the old series.

Nominal GDP growth in FY25 and FY24 was 9.7% and 11.0%, respectively, in the new series. The last release under the old series showed FY25 nominal GDP growth at 9.8% and FY24 nominal growth at 12.0%. GDP and other aggregates for FY24 and FY25 have undergone revisions not only only account of the base year change but the statistics ministry also used latest available datasets on agricultural production and industrial production. The new series data also incorporates government Public Financial Management System data and updated Budget data, as well as comprehensive data available from various source agencies like the Ministry of Corporate Affairs and the Reserve Bank of India, among others, the release said.

The Ministry of Statistics and Programme Implementation Friday released the new GDP series data at 1600 IST. This was the first major overhaul of the country's national accounts in over a decade. An outdated base year was a key criticism of India's national accounts by the International Monetary Fund. The last time India overhauled its GDP series was in 2015 when the base year was changed to FY12 from FY05. As per the newly released data, the second advance estimate of FY26 real GDP growth in the new series was seen at 7.6%, against 7.4% in the first advance estimate under the old series. 

Real gross value added at basic prices with the new base year rose to 7.3% from 6.4% in the old series. For FY24, gross value added growth in constant prices was 7.2% from 8.6% growth in the old series and with prior estimates. The share of the tertiary sector rose to 52.9% in the gross value added in FY25 from 51.8%. 

The government said that primary sector growth – comprising sectors such as agriculture and mining – had benefitted from the revision in the base year to FY23. However, growth in both the secondary and tertiary sectors fell due to the changes in methodology linked to the base year changes, the government said in a presentation.

In FY25, the primary sector grew 4.9% in the new series, the secondary sector by 8.0% and the tertiary sector by 7.9%. In FY24, primary sector growth was only 2.6%, with manufacturing growth at 11.6% and tertiary sector growth was 7.3%, the new series data showed.  End

Reported by Aaryan Khanna

Edited by Akul Nishant Akhoury

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