The revised GDP methodology, detailed in a note released by MOSPI last week, has been endorsed by the IMF after the lender lifted its 2026‑27 growth forecast from 6.4 % to 7 % in its World Economic Outlook, citing stronger domestic demand and resilient services activity.
The change follows a month‑long row that began when the government announced a 7.8 % growth rate for the June quarter. Former finance secretary S C Garg accused the state of ‘compressing’ last year’s data to inflate numbers, a claim that opposition parties used to question the credibility of the statistics. Chief economic advisor V Anantha Nageswaran rebuffed the allegation, arguing that the new base year of March 2023 and methodological tweaks produced a more accurate picture.
MOSPI said the revision means quarterly figures for 2022‑23 will be recalculated, with the 2023‑24 quarter projected at 7.1 % by the RBI after its June policy meeting. The RBI’s upward revision follows the IMF’s assessment that India’s growth momentum remains robust, despite global commodity shocks.
Srinivasan also addressed currency volatility, noting that foreign exchange moves are driven by global rates, investor sentiment and oil prices, not a weakness in India’s fundamentals. He said the recent energy shock had not undermined the country’s economic resilience.
The ministry will publish the first set of revised quarterly data on June 15, a move that economists expect to clarify the debate over the country’s growth trajectory.