India lowers FY26 GDP estimate by ₹12 trillion after rebasing
Business
India has cut its FY26 GDP estimate from ₹357 trillion to ₹345 trillion, a drop of ₹12 trillion.
Statistics and Programme Implementation Secretary Saurabh Garg explained that this change comes from switching to a new base year (2022-23), using better data, and updating calculation methods.
Saurabh Garg denies overestimation claim
Garg stressed that this revision isn't about past mistakes or overestimating growth.
"I won't say that there was an overestimation of the data," he said.
The tweak also reflects how India's economy is changing and uses improved data sources like GST and e-Vahan registrations.
Despite the update, India saw strong 7.8% growth in the first quarter of FY27, with real estate, tourism, and other indicators all doing well.