Key Details
The Ministry of Statistics and Programme Implementation’s National Accounts Statistics – 2026, updates annual GDP estimates from 2022–23 onwards and quarterly estimates through 2025–26.
Financial year | Real GDP growth: previous → updated | Nominal GDP growth: previous → updated |
|---|---|---|
2023–24 | 7.2% → 7.3% | 11.0% → 11.1% |
2024–25 | 7.1% → 7.2% | 9.7% → 9.4% |
2025–26 | 7.7% → 7.8% | 8.9% → 8.6% |
For 2025–26, updated GDP is estimated at ₹324.70 lakh crore at constant prices and ₹345.37 lakh crore at current prices. The corresponding previously released estimates were ₹323.12 lakh crore and ₹346.36 lakh crore.
The Revision Raises Measured Output but Lowers Recent Price Growth
Real GDP levels and growth rates were revised upwards because the updated indicators changed how price effects are removed from measured economic activity.
Nominal GDP moved differently. The level for 2025–26 was lowered by nearly ₹98,842 crore, while the real GDP estimate increased by about ₹1.58 lakh crore. This combination indicates that the revised data attribute more of the economy’s change to real production and less to price increases than the earlier estimates did.
The adjustment is modest at the headline growth-rate level—generally 0.1 percentage point for real GDP—but can be more consequential for individual sectors and for indicators calculated using nominal GDP.
New Price and Production Indices Drive the Changes
The revised estimates incorporate three statistical series with a 2022–23 base year:
the output Producer Price Index (PPI);
the Index of Industrial Production (IIP); and
the Banking Services Price Index (BkSPI).
The PPI replaces the older Wholesale Price Index in relevant parts of the national accounts. Its expanded commodity basket adds emerging products, removes obsolete items and maps prices more closely to particular economic activities.
The rebased IIP expands the number of products and price quotations used to measure industrial activity. The Banking Services Price Index is intended to separate changes in the physical volume and transactional activity of banking services from changes in their prices.
Updated administrative records have also revised estimates for government activity, departmental enterprises, fixed capital stock and the consumption of fixed capital.
Sectoral Effects Differ According to the Data Used
The new inputs do not affect every sector equally.
Mining and quarrying estimates have changed with the incorporation of the new IIP series, which uses the revised mineral-production index compiled by the Indian Bureau of Mines.
Manufacturing revisions reflect the wider coverage and improved activity-level mapping of the Producer Price Index. Trade services now also use the PPI instead of the WPI.
For public administration and ownership of dwellings, revisions to current-price estimates have also changed the corresponding constant-price estimates.
The 2025–26 revisions are broader because they incorporate both the new statistical indices and changes to the previous year’s benchmark estimates.
The Publication Provides More Than Updated GDP
National Accounts Statistics – 2026 contains 64 statistical statements. Alongside GDP and national income, it provides detailed estimates of:
output, intermediate consumption and value added by economic activity;
household, corporate and government savings;
capital formation by industry, asset and institutional sector;
household consumption by item;
public-sector and external transactions;
household financial assets and liabilities; and
detailed output across agriculture, manufacturing and services.
Updated Supply and Use Tables for 2022–23 and 2023–24 reconcile how goods and services are produced and used across the economy. These tables help test the internal consistency of production, consumption, investment and trade estimates.
Why Can Real GDP Rise When Nominal GDP Falls?
Nominal GDP measures economic activity at current prices. Real GDP removes estimated price changes to show growth in the volume of production.
When improved price indices indicate that prices rose less — or differently across inputs and outputs — than previously measured, statisticians may revise nominal GDP down while revising real GDP up. The difference reflects a new estimate of the price-volume split, not a contradiction between the two measures.
Policy Relevance
The revised series changes three baselines used in Indian policymaking:
Fiscal ratios: Debt, deficits and tax collections are generally assessed relative to nominal GDP. Lower nominal GDP can make these ratios slightly higher even when the underlying rupee amounts are unchanged.
Growth diagnosis: Higher real growth combined with lower nominal growth changes the interpretation of productivity, pricing power and sectoral performance. Manufacturing and mining estimates require particular attention because their underlying production and price measures have been revised.
Historical comparison: Forecasts, budget assumptions and research using GDP data from 2022–23 onwards should be recalculated with the updated series. Combining old-series estimates with revised figures would produce inconsistent trends.
The most useful follow-up will be to examine whether revisions materially alter sector shares, savings, investment and institutional income, rather than focus only on the 0.1 percentage-point change in headline real growth.
Follow the Full Publication Here: National Accounts Statistics – 2026