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At a briefing in Washington on 10 September 2026, the IMF welcomed India's modernisation of its macroeconomic statistical framework.
The IMF said including a new Index of Industrial Production series and a new Producer Price Index series in the national accounts release can improve the accuracy of India's GDP estimates.
India has adopted 2022-23 as the new base year for its GDP series.
The IMF put India's real GDP growth at 7.8% in April-June 2026, describing India as a key growth engine for the world, citing stronger services activity and exports.
MoSPI data showed real GDP of Rs 81.36 lakh crore for April-June 2026 against Rs 75.46 lakh crore in the same quarter a year earlier; former Finance Secretary S C Garg publicly questioned the 7.8% figure on 11 September 2026.
IIP measures the volume of industrial output; PPI measures price changes received by domestic producers. Real GDP needs output stripped of price change, so a producer-side price index gives a cleaner deflator than a consumer-side index for measuring production.
Simple Analogy: Weighing the grain, not the price tag on the bread.
Multilateral institution for monetary cooperation, exchange stability and balance-of-payments support; assesses member economies and their data systems
Compiles India's national accounts and releases GDP estimates, the IIP and other official statistics
GS Paper III > Indian economy - growth and development, national income accounting
General Awareness > Economic indicators, national income, international institutions
GDP measured at constant prices, so that the effect of inflation is removed from output estimates
The reference year whose prices and structure are used for a statistical series; India's GDP series now uses 2022-23
Average change in prices received by domestic producers for goods and services, measured before retail distribution