India’s Real GDP Rises 7.8% To Rs 81.36 Lakh Crore In Q1 FY27

Despite global headwinds, India’s real GDP rose to Rs 81.36 lakh crore in the first quarter of FY27, up from Rs 75.46 lakh crore in Q1 FY26, registering a robust growth rate of 7.8 per cent, government data showed on Monday.

Nominal GDP, or GDP at current prices, is likely to reach Rs 88.27 lakh crore in Q1 FY27, compared with Rs 80 lakh crore in the corresponding quarter of FY26, reflecting a growth of 10.3 per cent, the Ministry of Statistics and Programme Implementation said.

Real Gross Value Added (GVA) in Q1 FY27 is likely to reach Rs 73.82 lakh crore, compared with Rs 68.21 lakh crore in Q1 FY26, registering growth of 8.2 per cent.

Nominal GVA stood at an estimated Rs 80.53 lakh crore in Q1 FY27, compared with Rs 72.24 lakh crore in the year-ago quarter, marking growth of 11.5 per cent.

The Ministry said the quarterly GDP estimates based on the 2022-23 base year largely follow the guidelines and standards outlined in the International Monetary Fund’s (IMF) 2017 Quarterly National Accounts Manual.

The new National Accounts Statistics series has, however, adopted the ‘Double Deflation’ approach to estimate GVA for the manufacturing sector.

Under the approach, output and intermediate consumption are separately deflated using the relevant Producer Price Indices, with real GVA calculated as the difference between real output and real intermediate consumption.

RBI Growth Forecast

Earlier this month, the Reserve Bank of India (RBI) projected real GDP growth at 6.7 per cent for FY27, 10 basis points higher than its previous projection of 6.6 per cent.

RBI Governor Sanjay Malhotra had projected Q1 FY27 growth at 7 per cent, Q2 at 6.4 per cent, Q3 at 6.5 per cent and Q4 at 6.8 per cent.

Amid persistent global uncertainty, Malhotra said domestic economic activity remained resilient, reflected in high-frequency indicators for Q1.

Early corporate results indicated healthy manufacturing performance, with India remaining the fastest-growing economy amid global uncertainties.

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