India’s revised GDP series is pointing to a steadier growth profile with lower quarterly volatility and a stronger second half, economists told CNBC-TV18, as the latest data showed the economy expanding 7.8% in the October–December quarter and 7.6% for the full year FY2025–26.
The new numbers released by the Ministry of Statistics and Programme Implementation show that India’s growth has remained above 7% for three consecutive years, even after revisions to past data. Real GDP growth for FY2023–24 and FY2024–25 now stands at 7.2% and 7.1%, respectively, suggesting that the economy has broadly maintained its momentum under the updated methodology.
Commenting on the revised data, Soumya Kanti Ghosh, Group Chief Economic Advisor at SBI said the headline growth rate for the current year remains robust. “For FY26, if I am correct, the growth rate is around 7.6% for the full year,” he said, adding that revisions to earlier years do not materially alter the broader growth narrative.
Looking beyond the headline numbers, Sakshi Gupta, VP & Senior Economist at HDFC Bank said the revised data offers a clearer picture of both demand and supply-side trends. On the expenditure side, consumption stands out, especially in the second and third quarters of the current year. She noted that FY2024–25 consumption has been revised down, confirming earlier signals from high-frequency data that demand was uneven last year, before strengthening more recently.
