India's Q3 GDP grows 7.8% as government rolls out new base year series
India Today
The Ministry of Statistics and Programme Implementation introduced a new series of GDP estimates with 2022-23 as the base year, replacing the earlier 2011-12 base.
India’s gross domestic product (GDP) grew 7.8% year-on-year in the third quarter of FY26 in real terms, while nominal GDP growth stood at 8.9%.
The data was released along with the Second Advance Estimates for FY 2025-26 and mark a major statistical shift, as the Ministry of Statistics and Programme Implementation introduced a new series of GDP estimates with 2022-23 as the base year, replacing the earlier 2011-12 base.
For the full financial year FY26, real GDP is estimated to grow 7.6%, compared to 7.1% in FY25.
In value terms, real GDP is projected at Rs 322.58 lakh crore in FY26, up from Rs 299.89 lakh crore in FY25. Nominal GDP is estimated to grow 8.6% in FY26.
Real Gross Value Added, which reflects economic activity across sectors, is estimated to grow 7.7% in FY26 compared to 7.3% in FY25.
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Speaking in Parliament, Union Petroleum and Natural Gas Minister Hardeep Singh Puri said India has adequate fuel stocks, and there is no cause for concern over availability.
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The move comes as global energy markets remain on edge due to escalating tensions linked to the conflict involving Iran, which has raised fears of disruptions to crude oil shipments from the Middle East.
India consumes roughly 5.3 to 5.5 million barrels of crude oil every day. However, domestic production is only about 0.6 million barrels per day. This means the country depends on imports for nearly 85% of its oil needs.
At around 10:47 am, the BSE Sensex was down 750.68 points or 0.96% at 77,455.30, while the Nifty 50 slipped 208.25 points or 0.86% to 24,053.35.
Air India said the fuel surcharge is due to the sharp rise in aviation turbine fuel (ATF) prices since early March 2026, triggered by supply disruptions in the Gulf region.
Rahul Bhatia expressed gratitude to employees who worked tirelessly to restore operations during that challenging period, praising their resilience and dedication.