NEW DELHI, INDIA / RankWire.AI / – Prime Minister Narendra Modi has lauded India’s 7.8% expansion in the April to June quarter of fiscal 2026-27. He described this achievement as a “herculean feat” following official data that indicated continued growth across key sectors of the economy. Modi attributed the strong performance to the collective strength and resilience of India’s population. He also acknowledged the impact of oil price shocks, supply chain disruptions, and global uncertainties during this period.
The Ministry of Statistics and Programme Implementation reported the real gross domestic product at ₹81.36 lakh crore for the quarter. This compares with ₹75.46 lakh crore in the same quarter last year. Nominal GDP reached ₹88.27 lakh crore, marking a 10.3% increase from ₹80 lakh crore. Real gross value added, another indicator of economic activity, grew 8.2% to ₹73.82 lakh crore. Meanwhile, nominal GVA increased 11.5% to ₹80.53 lakh crore.
Manufacturing saw a 9.2% rise during the period, while financial, real estate, and professional services expanded by 12.1%. Agriculture, livestock, forestry, and fishing grew by 3.6%. Household consumption also rose by 7.1%, reaffirming its vital role in domestic demand. Investment strengthened as well, with gross fixed capital formation nearly increasing by 12% compared to the previous year. Its share of nominal GDP reached 34.3%, up from 31.4% in the same quarter last year.
Broader growth supported by investment and manufacturing activity
The quarterly results were backed by several indicators showing solid year-on-year growth. Capital goods production went up by 15.2%, and finished steel consumption increased by 8.3%. Cement output grew 8.9%, while sales of commercial vehicles rose by 18.3%. Registrations of household vehicles also surged by 15.9%. The government’s data showed exports of goods and services climbing 25.8%, with imports rising by 30.5% during April to June.
India has now transitioned to calculating national accounts using a 2022-23 base year, replacing the older 2011-12 framework. The statistics ministry introduced this revised series in February 2026, incorporating new data sources and updated methodologies. It later integrated more recent industrial production and producer price data into the national accounts. The updated figures released in August indicated a real GDP growth rate of 7.8% for fiscal 2025-26, revising the earlier provisional estimate of 7.7%.
Modi emphasizes resilience in the face of global economic pressures
Modi connected the latest GDP figures to India’s capacity to sustain economic activity amidst challenging global conditions. His remarks followed the release of the quarterly national accounts on August 31. The Prime Minister specifically pointed out higher oil prices and supply chain issues as major hurdles for the economy. Since India imports most of its crude oil, energy prices are crucial for inflation, trade, and production costs faced by businesses and households.
These latest figures mark the first official GDP estimate for India’s 2026-27 fiscal year. The Ministry of Statistics and Programme Implementation will publish the second quarter GDP estimates on November 30, covering July through September. The first quarter data revealed growth across manufacturing, services, agriculture, consumption, and investment sectors. Modi’s comments centered on the 7.8% headline figure and the economy’s overall resilience, positioning this national output data as a key highlight of his speech.