Base revision is typically a periodic exercise. While between 1999-2015 i.e., a span of 16 years, three GDP base revisions took place, the latest base revision comes after more than decade. The need for this upgrade was being increasingly felt, as the Indian economy underwent profound structural changes during this decade (demonetization, GST, pandemic etc.).

The new GDP series reflects broad continuity in estimates with respect to old series. Q3 FY26 GDP estimate came in at 7.8%, broadly in line with market expectations. This time around the GDP series revision is somewhat straightforward unlike the one carried out in 2015 (which introduced the concept of GVA). It incorporates methodological changes consistently along with newer data such as GST, more extensive use of double deflation, better representation of the informal sector basis ASUSE survey among others.

India’s growth story remains intact, as per the new series. Clocking a growth of over 7.0% in the last three years, India’s growth appears more robust (underpinned by manufacturing as well as services) and less volatile. The new series minimises the discrepancies and captures a narrowing of gap between savings and capital formation; but it also indicates we are father away from the pre-COVID trajectory that India could have charted.

Hopefully this time around the new GDP series will seamlessly integrate itself into the statistical framework with clarity and coherence, for two reasons – one, there remains methodological consistency, and two, NSO has made several efforts, ahead of the new release, to familiarize users with the changes undertaken. Keeping the continuity in mind, we hold on to our FY27 GDP growth estimate of 6.6-6.8%, with mild upside bias dependent on US tariff de-escalation.