India reported Q3FY26 GDP growth at 7.8% under the new series with base year 2022-23. In Q2 the GDP was at 8.4% under the old series with the base year 2011–12 base year. Nominal GDP however grew 8.9%.
The report highlighted that noted that constant Prices in Q3 of FY26 is estimated at Rs 84.54 lakh crore, against Rs 78.41 lakh crore in Q3 of FY25.
Key highlights from Q3FY26 GDP
Nominal GDP grew to Rs 90.91 lakh crore from Rs 83.46 lakh crore in Q2FY26. Real GVA also expanded 7.8% to Rs 77.38 lakh crore in Q3, compared with Rs 71.77 lakh crore in Q3 of FY25. Meanwhile, nominal GVA increased 8.2% to Rs 82.58 lakh crore from Rs 76.35 lakh crore last year.
GDP growth projected at 7.6% in FY26
According to the Second Advance Estimates, real GDP at constant prices is projected at Rs 322.58 lakh crore in FY26. The economy is expected to grow 7.6% in FY26, compared with 7.1% in FY25.
Nominal GDP at current prices is estimated at Rs 345.47 lakh crore in FY26, reflecting a growth rate of 8.6%.
Real Gross Value Added (GVA) is estimated to grow 7.7% in FY26, slightly higher than 7.3% in FY25.
What’s under the new GDP series
The base year has been revised under the new series to FY23 from earlier FY12. The government data noted that in case of base year revisions, changes are made to:
- Capture structural changes in the economy
- Incorporate latest data sources
- Improve estimation methodologies
- Enhance coverage and accuracy
Apart from base the revised series also incorporates following major changes to effectively capture the progress in the economy within respective years.
- Revision in Estimation Methodology
- Incorporation of New High Frequency Indicators
- Improvement in Deflation Strategy
- Improving Granularity of Estimation
India Q3FY26 GDP LIVE Updates: Growth sets tone for investors
"The 7.8% growth in GDP in Q3 FY26 under the new series shows that the Indian economy is strong and able to bounce back, even when global trade is disrupted. The upward revision of full-year growth to 7.6% also suggests that the data is now capturing more of what’s actually happening across sectors. Much of this resilience continues to come from domestic consumption, cautious fiscal handling, and reforms that have been building over time rather than overnight. Put together, this keeps India at the front of the pack among major economies. More importantly, it sets the tone for stronger investor interest, wider access to credit, and fresh opportunities for businesses and first-time entrepreneurs alike in the coming years" Arvind Agrawal, Managing Director, Bandhan Group said
India Q3FY26 GDP LIVE Updates: Bank of Baroda says limited impact of new series as consumption demand continues
Jahnavi Prabhakar, Economist at Bank of Baroda, said that there has been reasonable traction in consumption demand amidst the recent rationalisation of GST rates.
"A recovery in urban consumption bodes well for the growth outlook. Notably, some uncertainty pertains on the tariff front specially US, given the recent changes. However the new trade deals with other countries might offset any such negative impact.
Overall, we foresee limited impact of the change in the new series, with no durable bearing on fiscal ratio." Prabhakar added.
India Q3FY26 GDP LIVE Updates: GVA griowth rate at 7.8%, finance sector gets momentum
GVA registered a growth of 7.8% in Q3FY26, up from Q3FY25 (7.4%) as per the new series. Amongst the sectors, major momentum was delivered by both services and manufacturing. Within services,
Growth was broad-based, with trade and hotels recording 11% growth in Q3FY26, up from 6.7% in Q3FY25.
Public admin and defence (4.5% versus 4.4%) and financial sector growth continue to rise at a steady pace (11.2% versus 11.1%). On the industrial side, the manufacturing sector showed resilience as it
registered 13.3% growth compared with 10.8% last year during the same period, helped by an improvement in corporate profitability.
Growth in the utilities segment was up by 1.5% from 0.6%, and the construction sector recorded a 6.6% increase versus 6.4% in Q3FY25. In contrast, the agriculture (1.4% versus 5.8%) and mining (4.7% versus 13.1%) sectors noted a moderation in growth.
India Q3FY26 GDP LIVE Updates:Chief Economic Advisor Nageswaran projects FY27 growth at 7-7.4%
Chief Economic Advisor V Anantha Nageswaran said that the economic growth projection for the next fiscal year has been revised upwards by 20 basis points to 7-7.4 per cent following the release of the new GDP series.
The Economic Survey presented in Parliament in January had projected a growth rate of 6.8-7.2 per cent for the fiscal year 2026-27.
“We are improving our GDP growth outlook for FY27 from 6.8 to 7.2 previously to 7 to 7.4 per cent under the new series...the economy is more likely to achieve a number closer to 7.4 per cent rather than 7 per cent," Nageswaran said
India Q3FY26 GDP LIVE Updates: ICRA says likelihood of pause on policy rate
"From the perspective of the monetary policy, the real GDP growth for H1 FY2026 has been revised lower to ~7.6% as against 8.0% estimated as per the 2011-12 series, which justifies the rate actions through the course of the fiscal." Aditi Nayar, Chief Economist, ICRA said.
The analyst added that growth has remained quite strong, and ICRA currently believes that there is a higher likelihood of a prolonged pause on the policy rate, amid expectations of a base-led uptick in the CPI inflation in the near term.
"The revised GDP framework will enhance the credibility and analytical usefulness of India’s national accounts statistics. The updated methodology is expected to provide policymakers, businesses, and investors with a more accurate picture of economic activity across sectors", Rajeev Juneja, President, PHDCCI, said.
He added that new series integrates multiple data sources such as GST statistics, financial results of listed companies, transport indicators, and digital administrative sources and this broader data coverage is expected to strengthen measurement of economic output, consumption, investment, and sectoral contributions, and prepare India for the next phase of growth trajectory.
India Q3FY26 GDP LIVE Updates: Elara projects FY27 GDP growth at 7.1-7.2%
"The Q3FY26 GDP growth estimate at 7.8% , came a tad below our estimate of 8%. The base revision and the new GDP series suggests that there is an upside bias to manufacturing growth vs old series but overall there is not a significant diversion between the two. We continue to see FY27 growth at 7.1-7.2%", Garima Kapoor, Deputy Head of Research and Economist at Elara Capital, said
India Q3FY26 GDP LIVE Updates: ICRA says growth better than expectations
"As per the dataset on the new 2022-23 series released by the NSO, India’s real GDP growth is estimated to have eased to 7.8% in Q3 FY2026 from 8.4% in Q2 FY2026, although both numbers are healthier than what we had expected. The moderation was expectedly driven by the agriculture and the non-manufacturing industrial sectors, including mining, electricity and construction segments. Encouragingly, manufacturing GVA expanded by double digits for the fifth consecutive quarter in a row in Q3 FY2026, while services GVA growth inched up to a 7-quarter high of 9.5% from 9.3% in the previous quarter."Aditi Nayar, Chief Economist, ICRA said.
Nayar added, "The Second Advance Estimate (SAE) for GDP for FY2026 has been pegged to expand by a robust 7.6% in FY2026, up from 7.1% in FY2025, with the manufacturing and services segments on the production side and the PFCE and GFCF on the expenditure side, expected to witness an improvement in their growth rates between these years. Given this, and the trends in 9M FY2026, the GDP growth is implicitly pegged to decelerate to a 3-quarter low of 7.3% in Q4 FY2026, which is nonetheless quite healthy"
India Q3FY26 GDP LIVE Updates: Per capita Income at Rs 1,92,774 for FY25
In the latest GDP estimates, Per Capita Income, at current prices, was estimated at Rs 1,92,774 for FY25.
The Per Capita Income for FY24 and FY23 was estimated at Rs 1,76,465 and Rs 1,59,557.
India Q3FY26 GDP LIVE Updates: Private Consumptiom Extpenditure growth at 7 per cent
On the Consumption side, both Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) have recorded growth rates of more than 7.0 per cent in FY 2025-26.
Furthermore, among key sectors, trade, repair, hotels, transport, communication, and services related to broadcasting and storage have attained a growth rate of 10.1 per cent at Constant Prices in FY 2025-26
India Q3FY26 GDP LIVE Updates: Manufacturing driving the growth
According to the data, the manufacturing sector has been the major driver of the economy's resilient performance over the past 3 financial years since rebasing. This sector has attained double-digit growth rates in FY 2023-24 and FY 2025-26.
The Secondary and Tertiary sectors have boosted the economy's performance, registering a growth rate above 9.0% in FY 2025-26.
According to the Second Advance Estimates, the economy is expected to grow 7.6% in FY26, compared with 7.1% in FY25.
Real GDP at constant prices is projected at Rs 322.58 lakh crore in FY26.
India Q3FY26 GDP LIVE Updates: What's under the new GDP series
The revised series incorporates following major changes to effectively capture the progress in the economy within respective years.
India Q3FY26 GDP LIVE Updates: India's Real GDP at Rs 322.58 lakh crore
According to the data by the Ministry of Statistics & Programme Implementation, India's Real GDP is estimated to attain a level of Rs 322.58 lakh crore in the FY 2025-26, against the First Revised Estimate (FRE) of GDP for the FY2024-25 of Rs 299.89 lakh crore, growing by 7.6 per cent.
India Q3FY26 GDP LIVE Updates: Q3 GDP at 7.8%
According to the government data released today by MoSPI, Nominal GDP grew 8.6%.
India Q3FY26 GDP LIVE Updates: Q3 GDP at 7.8%
India reported Q3FY26 GDP at 7.8% under the new series with FY26 base year
India Q3FY26 GDP LIVE Updates: GDP new series debuts
The Ministry of Statistics & Programme Implementation (MoSPI) has decided to undertake a comprehensive revision of base years for three major statistical indicators — GDP, IIP and CPI — to improve their relevance, accuracy and international comparability.
India had released CPI data on 12 February under the new series.
India Q3FY26 GDP LIVE Updates: GDP data soon
India is set to release its Q3FY26 data soon. This month data is the first in the new series with FY23 as base year. Stay tuned to this space at financialexpress.com for all the updates and economists reaction.