In an effort to improve accuracy, the government has overhauled the framework for calculating economic output. The Ministry of Statistics and Programme Implementation (MoSPI) released the New Series of Annual and Quarterly National Accounts Estimates with base year 2022-23, which replaces the previous series with base year of 2011-12. According to the new series of national accounts with 2022-23 as the base year, India's economy grew by 7.8 per cent during the October-December quarter (Q3) of Fiscal Year 2025-26 (FY26), up from 7.4 per cent in the corresponding quarter of previous year.

Real Gross Domestic Product (GDP) or GDP at Constant Prices in Q3 FY26 is estimated at Rs 84.54 lakh crore, against Rs 78.41 lakh crore in Q3 FY25. Nominal GDP or GDP at Current Prices in Q3 FY26 is estimated at Rs 90.91 lakh crore, against Rs 83.46 lakh crore in Q3 FY25, showing a growth rate of 8.9 per cent. Besides, real Gross Value Added (GVA) in Q3 FY26 is estimated at Rs 77.38 lakh crore, against Rs 71.77 lakh crore in Q3 of FY 2024-25, showing a growth rate of 7.8 per cent. Nominal GVA in Q3 of FY26 is estimated at Rs 82.58 lakh crore, against Rs 76.35 lakh crore in Q3 of FY25, showing a growth rate of 8.2 per cent. Meanwhile, the growth rate for Q2 FY26 has been revised upwards to 8.4 per cent from 8.2 per cent. However, the growth rate for Q1 FY26 was revised downwards to 6.7 per cent from 7.8 per cent.

Sector wise, the agriculture, livestock, forestry and fishing sector recorded a 1.4 per cent growth in October-December quarter of FY26, down from 5.8 per cent in the October-December quarter of FY25. Manufacturing sector growth jumped to 13.3 per cent in the third quarter of FY26 compared to 10.8 per cent recorded in the year-ago period. Further, Mining & quarrying; electricity, gas, water supply and other utility services sector; and construction recorded growth of 4.7 per cent, 1.5 per cent and 6.6 per cent, respectively, in Q3 FY26. Trade, hotel, transport, communication and services sector growth surged to 11.0 per cent in Q3FY26 over 6.7 per cent in Q3FY25.

The changes in the base year are made to capture structural changes in the economy, incorporate latest data sources, improve estimation methodologies and enhance coverage and accuracy. The Financial Year (FY) 2022-23 has been selected as base year, as it represents a recent normal year (after COVID), with availability of robust and comprehensive data across sectors of the economy, making it an appropriate benchmark for the new series of Annual and Quarterly National Accounts Estimates.

For the current fiscal (FY26), the GDP is estimated to grow at 7.6 per cent, as against 7.4 per cent in the advance estimates released by the ministry in January. Real GDP or GDP at Constant Prices is estimated to attain a level of Rs 322.58 lakh crore in the FY26, against the First Revised Estimate (FRE) of GDP for FY25 of Rs 299.89 lakh crore. Nominal GDP or GDP at Current Prices is estimated to attain a level of Rs 345.47 lakh crore in FY26, against Rs 318.07 lakh crore in FY25, showing a growth rate of 8.6 per cent. 

Real GVA is estimated at Rs 294.40 lakh crore in FY26, against Rs 273.36 lakh crore in FY25, registering a growth rate of 7.7 per cent as compared to 7.3 per cent growth rate in FY25. Nominal GVA is estimated to attain a level of Rs 313.61 lakh crore during FY26, against Rs 288.54 lakh crore in FY25, showing a growth rate of 8.7 per cent.