Karandikars & Associates

1. Segregation of Activities in Multi-Activity Enterprises: Improvement in the compilation of Private Corporate Institutional Sector by segregating of activities in multi-activity enterprises
2. Improved coverage of Unincorporated Sector using annual survey data to capture dynamics on regular basis
3. Adoption of Double Deflation and Volume/Single Extrapolation: Use of Double Deflation in Agriculture and Manufacturing sector. Use of Volume/Single extrapolation in remaining sectors
4. Improved Benchmarking method for Quarterly National Accounts Series: Proportional Denton Benchmarking method has replaced the Pro-Rata method of benchmarking in previous series
5. Incorporation of Updated Rates and Ratios from Recent Surveys and Studies: Updated rates and ratios are drawn from various surveys, as well as from methodological studies undertaken by MoSPI in collaboration with various expert institutions
6. Extensive Use of GST and Various new Administrative Data sources for Quarterly National Accounts
7. Improved estimates of Private Final Consumption Expenditure (PFCE) by adopting Classification of Individual Consumption according to Purpose (COICOP) 2018 classification and incorporating Survey and various Administrative data sources
8. Reduced Discrepancy through SUT Integration: Better synchronization between Production and Expenditure side estimates by integrating the compilation with Supply and Use Table framework

1. Real GDP has been estimated to grow by 7.6% in FY 2025-26. Nominal GDP has witnessed a growth of 8.6%. These growth rates are revised upward from their respective First Advance Estimates computed using previous Base Year (2011-12)
2. Overall Economic performance in FY 2025-26 is primarily on account of robust Real growth observed in Second Quarter (8.4%) and Third Quarter (7.8%)
3. The Economy has exhibited sustained performance, recording Real GDP growth rates of 7.2% and 7.1% respectively during FY 2023–24 and FY 2024–25
4. Nominal GDP has registered 11.0% and 9.7% growth rates during FY 2023–24 and FY 2024–25 respectively
5. Manufacturing sector has been the major driver in contributing to the resilient performance of the economy in consecutive 3 financial years after rebasing. This sector has attained double digit growth rates in FY 2023-24 and FY 2025-26
6. Secondary and Tertiary sectors have boosted the performance of the economy by registering above 9.0% growth rate in FY 2025-26
7. ‘Trade, Repair, Hotels, Transport, Communication & Services related to Broadcasting, Storage’ sector has attained a growth rate of 10.1% at Constant Prices in FY 2025-26
8. On the Consumption side, both the Private Final Consumption Expenditure (PFCE) and Gross Fixed Capital Formation (GFCF) have exhibited more than 7.0% growth rate in FY 2025-26

1. Real GDP or GDP at Constant Prices 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 year 2024-25 of Rs 299.89 lakh crore. The growth rate in Real GDP during 2025-26 is estimated at 7.6% as compared to 7.1 % in 2024-25
2. Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs 345.47 lakh crore in the year 2025-26, against Rs 318.07 lakh crore in 2024-25, showing a growth rate of 8.6%
3. Real GVA is estimated at Rs 294.40 lakh crore in the year 2025-26, against Rs 273.36 lakh crore in FY 2024-25, registering a growth rate of 7.7% as compared to 7.3% growth rate in 2024-25. Nominal GVA is estimated to attain a level of Rs 13.61 lakh crore during FY 2025-26, against Rs 288.54 lakh crore in 2024-25, showing a growth rate of 8.7%

As per the Advance Release calendar of the Ministry, the Provisional Estimates of Annual GDP for FY 2025-26 along with Quarterly GDP estimates for the quarter January-March of FY 2025-26 (Q4, 2025-26) will be released on 29.05.2026

Second Advance Estimate of GDP at Current Prices

Second Advance Estimate of GVA at Current Prices

Second Advance Estimate of GDP at Constant Prices

Second Advance Estimate of GVA at Constant Prices

The Press Nore of 27th Februry 2026 gives First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2024-25 and estimates for the financial year 2023-24 and 2022-23, as per the New Base Year (2022-23)

The First Revised Estimates for the year 2024-25 have been compiled using industrywise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 30th May, 2025

The estimates of Gross Domestic Product (GDP) and other aggregates for the year 2022-23 and 2023-24 have also undergone revisions on account of base year revision as well as use of latest available datasets on agricultural production; industrial production (final results of Annual Survey of Industries: 2023-24); government data as available through PFMS and in budget documents (replacing Revised Estimates with actuals for the year 2023-24); comprehensive data available from various source agencies like Ministry of Corporate Affairs (MCA), Reserve Bank of India (RBI), National Bank for Agriculture and Rural Development (NABARD), e-Vahan data, etc. and additional data from State/UT Directorates of Economics and Statistics (DES).

Salient Features:

1. GDP for the base year 2022-23 is estimated as Rs 261.18 lakh crore
2. Real GDP or GDP at constant prices for the years 2023-24 and 2024-25 stands at Rs 280.01 lakh crore and Rs 299.89 lakh crore, respectively, showing a growth of 7.2% during 2023-24, and 7.1% during 2024-25
3. Nominal GDP or GDP at current prices for the years 2023-24 and 2024-25 stands at Rs 289.84 lakh crore and Rs 318.07 lakh crore, respectively, exhibiting a growth of 11.0% during 2023-24, and 9.7% during 2024-25

The shares of broad sectors of the economy in overall GVA during 2022-23 to 2024-25 and the annual growth rates during these periods are as captured in Table below:

The growth rates of Primary sector (comprising Agriculture, Livestock, Forestry, Fishing and Mining & Quarrying), Secondary sector (comprising Manufacturing, Electricity, Gas, Water Supply & Other Utility Services, and Construction) and Tertiary sector (Services) have been estimated as 4.9%, 8.0% and 7.9% respectively in 2024-25 as against growth rates of 2.6%, 11.6% and 7.3% respectively in 2023-24

Net National Income Net National Income (NNI) at current prices for the year 2024-25 stands at Rs 271.44 lakh crore as against Rs 246.25 lakh crore in 2023-24, showing a growth of 10.2 % during 2024-25 as compared to growth of 11.6 % in 2023-24

Gross National Disposable Income Gross National Disposable Income (GNDI) at current prices is estimated at Rs 324.52 lakh crore for the year 2024-25, while the estimate for the year 2023-24 stands at Rs 294.55 lakh crore, showing a growth of 10.2 % for year 2024-25 as compared to growth of 10.9 % in the year 2023-24

Savings: Gross Saving during 2024-25 is estimated at Rs 111.13 lakh crore against Rs 95.17 lakh crore during 2023-24. The major share in Gross Saving during 2024-25 is 62.1% in Household sector and 28.9% in Non-financial corporations. Savings of household sector have increased, thereby strengthening the domestic resource base for investment and capital formation. This indicates improved financial resilience of household sector and greater availability of funds for sustainable economic growth in long run. Savings in physical assets as well as valuables have increased during 2022-23 to 2024-25

Capital Formation: Gross Capital Formation (GCF) at current prices is estimated at Rs 109.25 lakh crore for the year 2024-25 as compared to Rs 100.00 lakh crore during 2023-24. The rate of GCF to GDP is 34.3 % during 2024-25 as against 34.5 % in the 2023-24
The rate of GCF to GDP at constant prices was 34.9 % in 2023-24 and 34.6 % in 2024-25

Consumption Expenditure: Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs 179.71 lakh crore for the year 2024-25 as against Rs 163.77 lakh crore in 2023-24. In relation to GDP, the PFCE to GDP ratio at current prices is 56.5% for both 2023-24 and 2024-25
At constant prices, the PFCE is estimated at Rs 157.85 lakh crore and Rs 167.00 lakh crore, respectively for the years 202324 and 2024-25. The corresponding PFCE to GDP ratio for the years 2023-24 and 2024-25 are 56.4% and 55.7% respectively

Government Final Consumption Expenditure (GFCE) at current prices is estimated at Rs 33.95 lakh crore for the year 2024-25 as against Rs 30.74 lakh crore during 2023-24
At constant prices the estimates of GFCE for the years 2023-24 and 2024-25 stand at Rs 29.08 lakh crore and Rs 30.96 lakh crore respectively

Per Capita Estimates: Per Capita Income i.e. Per Capita Net National Income at current prices for the years 2022-23, 2023-24 and 2024-25 is estimated at Rs 1,59,557, Rs 1,76,465 and Rs 1,92,774, respectively. Per Capita PFCE at current prices, for the years 2022-23, 2023-24 and 2024-25 is estimated at Rs 1,07,910, Rs 1,17,356 and Rs 1,27,627 respectively

First Revised Estimate of GDP at Current Prices (FY 23 to FY 25)

First Revised Estimate of GVA at Current Prices (FY 23 to FY 25)

First Revised Estimate of PFCE at Current Prices (FY 23 to FY 25)

First Revised Estimate of GDP at Constant Prices (FY 23 to FY 25)

First Revised Estimate of GVA at Constant Prices (FY 23 to FY 25)

First Revised Estimate of PFCE at Constant Prices (FY 23 to FY 25)

First Revised Estimate of Per Capita Income at Current & Constant Prices (FY 23 to FY 25)

Old vs New Comparison: GVA at Current Prices

Old vs New Comparison: GDP Expenditure Approach at Current Prices