India Revises GDP Series to 2022-23 Base, Raises FY26 Growth Estimate to 7.6%

India released a new GDP series with 2022-23 as the base year, replacing the 2011-12 benchmark, incorporating updated data sources like GST and e-Vahan, and methodological changes such as double deflation. The revision raised the FY26 real GDP growth estimate to 7.6%, up from 7.4%, with Q3 FY26 growth at 7.8%. The manufacturing and services sectors showed strong performance, while agriculture growth slowed. The nominal GDP estimate was revised downward, potentially increasing the fiscal deficit ratio. Experts view the update as improving accuracy and reflecting structural economic changes.