India records real GDP growth at Rs 81.36 lakh crore in Q1 FY27 with robust 7.8 pc growth

New Delhi: Despite global headwinds, India recorded real GDP growth at Rs 81.36 lakh crore in the first quarter of this fiscal (Q1 FY27), against Rs 75.46 lakh crore in Q1 FY 2025-26 — registering a robust growth rate of 7.8 per cent, government data showed on Monday.

Nominal GDP (or GDP at current prices) in Q1 FY 2026-27 is estimated at Rs 88.27 lakh crore, against Rs 80 lakh crore in Q1 of FY 2025-26, showing a growth rate of 10.3 per cent, the Ministry of Statistics and Programme Implementation said in a statement.

Notably, the real gross value added (GVA) in Q1 FY 2026-27 is estimated at Rs 73.82 lakh crore, against Rs 68.21 lakh crore in Q1 FY 2025-26, showing a growth rate of 8.2 per cent.

On the other hand, nominal GVA in Q1 FY 2026-27 is estimated at Rs 80.53 lakh crore, against Rs 72.24 lakh crore in Q1 of FY 2025-26, showing a growth rate of 11.5 per cent, according to the data.

The estimates of Quarterly GDP as per base year 2022-23 majorly follow the guidelines and standards as mentioned in the Quarterly National Accounts Manual of the International Monetary Fund (IMF), 2017, said the ministry.

The new series of National Accounts Statistics has adopted the ‘Double Deflation’ approach for estimating the GVA of the Manufacturing sector.

Under this approach, output and intermediate Consumption are separately deflated using the concerned Producer Price Indices (PPIs), and real GVA is obtained as the difference between real output and real intermediate consumption, said the data.

Earlier this month, the Reserve Bank of India (RBI) projected real GDP growth at 6.7 per cent for FY27, 10 bps higher than its previous projection of 6.6 per cent in the previous Monetary Policy Committee (MPC) meeting. In his address, RBI Governor Sanjay Malhotra pegged Q1 FY27 GDP 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, domestic economic activity has remained resilient, as reflected in high-frequency indicators for Q1. Early corporate results for Q1 also indicate healthy performance in the manufacturing sector, said Malhotra, adding that India remains the fastest-growing economy amid persistent global uncertainties.

IANS