NEW DELHI: India’s economy continued its strong growth trajectory, expanding by 7.8% during the October-December quarter (Q3) of fiscal year 2025-26, according to a new series of national accounts released by the government on Friday. This marks an acceleration from the 7.4% growth recorded in the same quarter a year ago.
The Ministry of Statistics and Programme Implementation unveiled the New Series of National Accounts, which now uses 2022-23 as the base year, replacing the previous series with 2011-12 as the base. This methodological update provides a more contemporary picture of the economy’s structure and performance.
Key Highlights from the New GDP Data
The new data series brings with it significant revisions to previous estimates and a revised outlook for the full fiscal year.
- Q3 Growth (Oct-Dec 2025): 7.8%
- Revised Q2 Growth (Jul-Sep 2025): 8.4% (upward revision from 8.2%)
- Revised Q1 Growth (Apr-Jun 2025): 6.7% (downward revision from 7.8%)
- FY26 Growth Estimate (2025-26): 7.6% (revised upwards from the 7.4% in the advance estimates released in January)
What the New Base Year Means
Updating the base year to 2022-23 is a standard statistical practice that ensures GDP calculations reflect the economy’s current structure, including emerging sectors and changes in consumption patterns. The previous base year was 2011-12.
The revisions to the quarterly data for the first two quarters of FY26 are a direct result of this methodological update, incorporating more comprehensive data sources and revised methodologies.
A Closer Look at the Numbers
| Period | Growth Rate (New Series) | Previous Estimate (Old Series/Advance) | Revision |
|---|---|---|---|
| Q1 FY26 (Apr-Jun 2025) | 6.7% | 7.8% | ▼ Downward |
| Q2 FY26 (Jul-Sep 2025) | 8.4% | 8.2% | ▲ Upward |
| Q3 FY26 (Oct-Dec 2025) | 7.8% | New Data | – |
| FY26 (Full Year Estimate) | 7.6% | 7.4% | ▲ Upward |
Expert Takeaway
The full-year growth estimate of 7.6% reinforces India’s position as one of the world’s fastest-growing major economies. The upward revision to the full-year forecast, coupled with the strong 8.4% growth in Q2, suggests underlying economic momentum remains robust, even with the slight downward adjustment to the first quarter’s performance.
The new GDP series provides a more accurate lens through which to view this growth, and the data will be closely watched by policymakers, investors, and global institutions for signs of sustained economic expansion.
