NEW DELHI, INDIA / RankWire.AI / – Prime Minister Narendra Modi has commended India’s 7.8% increase in economic output during the April to June quarter of fiscal 2026-27. He described the achievement as a “herculean feat” following official statistics showing sustained expansion across vital segments of the economy. Modi emphasized that this outcome demonstrated the collective strength and resilience of India’s populace. Additionally, he noted the influence of oil price shocks, supply chain disruptions, and global uncertainty throughout this period.
According to the Ministry of Statistics and Programme Implementation, the real gross domestic product was valued 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, reflecting a 10.3% rise from ₹80 lakh crore. The real gross value added, another indicator of economic activity, grew by 8.2% to ₹73.82 lakh crore. Meanwhile, nominal GVA increased 11.5% to ₹80.53 lakh crore.
During this period, manufacturing expanded by 9.2%, while financial, real estate, and professional services experienced a 12.1% growth. The agriculture, livestock, forestry, and fishing sectors grew 3.6%. Household consumption rose 7.1%, continuing to serve as a major pillar of domestic demand. Investment also gained momentum, with gross fixed capital formation climbing close to 12% from the previous year. Its proportion of nominal GDP reached 34.3%, up from 31.4% in the same quarter last year.
Broad-based growth fueled by investment and manufacturing
The first quarter’s results were supported by several activity indicators showing consistent year-on-year improvements. Capital goods production grew by 15.2%, while finished steel consumption increased by 8.3%. Cement production went up by 8.9%, and sales of commercial vehicles surged 18.3%. Household vehicle registrations also saw a 15.9% rise. Moreover, government data revealed exports of goods and services expanding by 25.8%, with imports rising by 30.5% during April to June.
India now evaluates its national accounts based on a 2022-23 series, replacing the earlier 2011-12 framework. The statistics ministry unveiled this updated series in February 2026, incorporating new data sources and revised methodologies. Subsequently, it integrated more recent industrial production figures and producer price data into its calculations. August’s released figures placed the real GDP growth for fiscal 2025-26 at 7.8%, revising the previous provisional estimate of 7.7%.
Modi emphasizes resilience amid global economic challenges
Modi attributed the recent GDP performance to India’s capacity to sustain economic activity despite challenging global circumstances. His comments followed the release of the quarterly national accounts on August 31. The Prime Minister highlighted issues such as elevated oil prices and supply chain pressures as key hurdles impacting the economy. Since India imports the majority of its crude oil, fluctuations in energy prices significantly influence inflation, trade, and production costs across 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 release the second quarter’s GDP data on November 30, covering July through September. The initial quarter’s results reflected growth across manufacturing, services, agriculture, consumption, and investment. Modi’s commentary focused on the 7.8% headline figure and the economy’s resilience, positioning the current national output data as central to his remarks.