India's economy grew 7.8 per cent in October-December from the same period a year earlier, after posting 8.4 per cent growth in the previous quarter, the Centre said on Friday.
The Ministry of Statistics and Programme Implementation (MoSPI) on Friday released the New Series of Annual and Quarterly National Accounts Estimates with the base year 2022-23. It replaces the previous series with a base year of 2011-12.
According to the new series, the gross domestic product (GDP) is estimated to grow at 7.6 per cent during the current fiscal, as against 7.4 per cent in the advance estimates released by the ministry in January.
Also, the growth rate for the July-September period of 2025-26 has been revised upwards to 8.4 per cent from 8.2 per cent.
However, the growth rate for the first quarter was revised downwards to 6.7 per cent from 7.8 per cent.
The new series of Gross Domestic Product (GDP) with base year 2022-23 includes data of goods and services tax, e-Vahan and household services provided by cook, driver and domestic helps, to make economic data more accurate.
According to FAQ on the new series by MoSPI, the base year is updated from time to time to reflect the changes that have happened in the economy over the years.
The base year of the national accounts is being revised from 2011-12 to 2022-23.
Although Ministry of Statistics and Programme Implementation (MoSPI) revises data series every five years, it could not be done earlier because of Covid pandemic and implementation of GST.
It further said, back series data is expected to be released by December 2026.
