India’s GDP Grows 7.8% in Q3; Base Year Revised to 2022-23

• Economy expands 7.8% in Oct-Dec; previous quarter revised to 8.4%
• FY growth pegged at 7.6%, higher than earlier 7.4% estimate
• New GDP series adopts 2022-23 as base year, replacing 2011-12
• GST, e-Vahan and household services data included for accuracy

GG News Bureau
New Delhi, 27th Feb: India’s economy grew 7.8 per cent in the October-December quarter compared to the same period last year, according to fresh data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Friday.

The growth follows an 8.4 per cent expansion recorded in the July-September quarter, which has now been revised upwards from 8.2 per cent.

FY Growth Upgraded
Under the newly released National Accounts Series with base year 2022-23, the gross domestic product (GDP) is projected to grow 7.6 per cent in the current financial year. This is higher than the 7.4 per cent advance estimate released in January.

However, growth for the April-June quarter has been revised downward to 6.7 per cent from the earlier 7.8 per cent estimate.

New Base Year Adopted
MoSPI has updated the base year for GDP calculations from 2011-12 to 2022-23 to better reflect structural changes in the economy. The revision aligns with the practice of periodically updating base years to capture evolving economic patterns.

The ministry noted that the update was delayed due to disruptions caused by the Covid-19 pandemic and the implementation of the Goods and Services Tax (GST).

Broader Data Coverage
The new GDP series incorporates expanded datasets, including GST collections, e-Vahan vehicle registration data, and household services such as cooks, drivers and domestic helps, to improve measurement accuracy.

MoSPI stated that back-series data based on the revised methodology is expected to be released by December 2026.

The updated figures underline India’s continued economic momentum even as statistical recalibrations reshape the official growth trajectory.