He noted that FY24 real GDP growth has been revised to 7.2%, slightly lower than earlier estimates but still firmly above the 7% mark, underscoring strong underlying momentum.
In the revised series, nominal GDP levels are marginally lower across years. Nominal GDP for FY26 is now estimated at ₹345.47 lakh crore, compared with the earlier estimate of ₹357.14 lakh crore. Garg said the gap is expected to narrow over time as the economy catches up.
The revision has also led to a minor change in fiscal metrics, with the FY26 fiscal deficit now estimated at 4.5% of GDP versus 4.4% earlier, reflecting the lower nominal GDP base rather than any deterioration in fiscal discipline.
The Chief Economic Advisor V Anantha Nageswaran had observed that the government’s fiscal consolidation is on track without compromising on capex. “GDP revisions do not alter the fiscal trajectory” , the CEA said.
The MoSPI Secretary added that FY23 growth figures have seen a slight downward revision, consistent with the broader recalibration under the new GDP series.
On the controversy surrounding IMF’s poor ratings of India’s official statistics, Garg said, “I think it was a storm in a tea cup as IMF also recognises our data systems are robust.”
Garg went to say the IMF rating was because of the base year being old – there were no other substantive issue. Statistical issues like some discrepancies and double deflation, even those have taken care of by the government in new GDP series.
Overall, officials emphasised that the revisions do not alter the fundamental growth trajectory, with India continuing to remain one of the fastest-growing major economies globally.
