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MoSPI released the Quarterly Estimates of GDP for Q1 (April-June) of FY 2026-27, the first quarterly release compiled fully on the new base year 2022-23.
Real GDP is estimated at Rs 81.36 lakh crore against Rs 75.46 lakh crore a year earlier — growth of 7.8%; nominal GDP is Rs 88.27 lakh crore against Rs 80.00 lakh crore, growth of 10.3%.
Real Gross Value Added grew faster than GDP, at 8.2%, reaching Rs 73.82 lakh crore; nominal GVA grew 11.5% to Rs 80.53 lakh crore.
The new series uses the double deflation approach for manufacturing GVA, deflating output and intermediate consumption separately with Producer Price Indices.
The Prime Minister called the 7.8% growth a 'herculean feat' achieved despite oil price shocks and supply chain disruptions; the Q2 estimates are due on 30 November 2026.
Nominal GDP values this quarter's output at this quarter's prices; real GDP values the same output at the prices of the base year, here 2022-23. Nominal growth therefore contains both the increase in what was produced and the increase in what it cost. The ratio of nominal to real GDP is the implicit GDP deflator, and the gap between the two growth rates — 10.3% against 7.8%, roughly 2.5 percentage points this quarter — is economy-wide price change as the national accounts measure it. This is a broader inflation measure than the CPI, because it covers everything in GDP including capital goods, government services and exports, and because its weights change every period with the composition of output rather than being fixed to a consumption basket.
Simple Analogy: Your salary went up 10%; prices went up 2.5%; you are about 7.5% better off in what you can actually buy. Nominal is the payslip, real is the shopping trolley, and the deflator is the difference.
Real value added in a sector is real output minus real intermediate consumption. Under the old single deflation method, the same price index was applied to both, so any divergence between what a factory pays for inputs and what it charges for output vanished from the real estimate. Double deflation, now adopted for manufacturing in the 2022-23 series, deflates output and intermediate consumption separately using their own Producer Price Indices, so the estimate captures a genuine squeeze or windfall in margins. MoSPI flags a consequence that looks paradoxical: when input prices such as crude petroleum and raw materials rise faster than output prices, the implicit deflator for manufacturing GVA can fall or even turn negative even though both sets of prices rose. That is not an error but the method working — and this quarter, with the PPI for crude petroleum and natural gas up 58.0% against manufactured products up 10.7%, exactly that configuration was present.
Simple Analogy: If you buy flour at double the price and sell bread at only 10% more, your real earnings per loaf shrink. Single deflation would use the bread price for both and never see it; double deflation prices the flour and the bread separately, and sees it.
MoSPI releases the New Series of annual and quarterly GDP estimates with base year 2022-23, replacing the 2011-12 series
New series of output PPI, IIP and Banking Services Price Index, all with base year 2022-23, are released
Provisional Estimates of GDP for FY 2025-26 released
National Accounts Statistics - 2026 published and Q1 FY 2026-27 quarterly estimates released — real GDP growth 7.8%
'Sources and Methods' volume, documenting the methodology of the new series, due for release
Scheduled release of Q2 (July-September) FY 2026-27 quarterly GDP estimates
MoSPI's broad-sector grouping is examinable in itself: the primary sector covers agriculture, livestock, forestry and fishing plus mining and quarrying; the secondary covers manufacturing, electricity/gas/water and other utilities, and construction; the tertiary covers trade, hotels, transport, communication and broadcasting services, financial, real estate, IT and professional services, ownership of dwellings, and public administration, defence and other services.
The deflator covers all goods and services in GDP with changing weights; CPI covers a fixed consumption basket; the WPI covers wholesale goods transactions and excludes services. Only the deflator moves its weights with the economy each period.
Quarterly GDP is one of the inputs the RBI's Monetary Policy Committee weighs against its inflation target under the flexible inflation targeting framework, which is why the release date is watched by markets.
The release publishes GDP by expenditure — PFCE, GFCE, GFCF, change in stocks, valuables and net exports. PFCE is the largest component in India and GFCF is the investment measure watched as a share of GDP.
The indicator list shows India's national accounts moving from survey-based to administrative-data-based estimation — the same shift documented in the methodological overhaul behind the 2022-23 series.
GS Paper 3 > Indian Economy > Growth, Development and Employment; National Income Accounting
General Awareness > Indian Economy > GDP, Inflation and Official Statistics
General Awareness > Indian Economy > National Income
General Awareness > Indian Economy and Current Affairs
Quarterly GDP figures and national income concepts appear in nearly every banking and SSC general-awareness cycle and recur in UPSC Prelims economy questions.
GDP valued at the prices of the base year (2022-23), so it measures change in output volume alone.
The ratio of nominal to real GDP; an economy-wide price index with weights that change each period.
Deflating output and intermediate consumption separately with their own price indices to obtain real value added — adopted for manufacturing in the 2022-23 series.
The technique for quarterly GDP, extrapolating the previous year's benchmark estimate using within-quarter performance indicators.
Valuation at base-year prices; the opposite of current prices, which use the prices of the period being measured.