Better data, sharper accuracy: IMF applauds India’s new GDP calculation framework
The endorsement follows the inclusion of updated Index of Industrial Production (IIP) and Producer Price Index (PPI) series in the latest national accounts release, addressing ongoing global debates surrounding the credibility of India's growth metrics.
- Sep 11, 2026,
- Updated Sep 11, 2026 7:43 AM IST
The International Monetary Fund (IMF) has welcomed India’s recent efforts to overhaul its statistical framework, noting that newly integrated economic indicators will enhance the precision of the country's gross domestic product (GDP) calculations.
The endorsement follows the inclusion of updated Index of Industrial Production (IIP) and Producer Price Index (PPI) series in the latest national accounts release, addressing ongoing global debates surrounding the credibility of India's growth metrics.
"The latest GDP release incorporated both a new index of industrial production, and a new producer price index series, and those two new series should help improve India's GDP estimates," said Julie Kozack, Director of the Communications Department at the IMF, during a press briefing in Washington.
MUST READ | India cannot become $30 tn economy without US, China, Europe: Amitabh Kant on New Delhi's BRICS challenge
Commending the nation’s proactive approach to modernising its macroeconomic data systems, Kozack added, "We, of course, encourage the authorities to continue to further strengthen the statistical framework and data quality along the lines that they're progressing."
The IMF official highlighted that India's real GDP registered a 7.8 per cent expansion in the second quarter, comfortably outperforming internal forecasts by IMF staff as well as the broader market consensus. This upside surprise was primarily propelled by robust activity in the services sector alongside strong export performance.
Reiterating India's pivotal role in global macroeconomic stability, Kozack pointed out that the quarterly performance underscores the fundamental resilience of the domestic economy despite international energy price shocks, confirming that India remains a primary growth engine for the world.
India braves global headwinds: Q1GDP surges 7.8%
India’s economic expansion maintained its momentum in the first quarter of the 2026-27 financial year, withstanding international pressures to record an accelerated growth rate driven by strong capital investment, robust construction, and high-performing service industries.
DON'T MISS | Why 7% GDP growth may not be enough: Former RBI governor’s reality check on India’s growth story
Data released on August 31 by the Ministry of Statistics and Programme Implementation (MOSPI) showed Real Gross Domestic Product (GDP) grew by 7.8% during Q1 (April-June) of FY 2026-27, stepping up from the 6.9% expansion logged in the same period of the prior fiscal year.
Real GDP at Constant Prices (base year 2022-23) climbed to ₹81.36 lakh crore for the quarter, compared to ₹75.46 lakh crore in Q1 FY 2025-26. At current prices, Nominal GDP registered a 10.3% growth rate to touch ₹88.27 lakh crore against ₹80 lakh crore a year earlier. Real Gross Value Added (GVA) expanded 8.2% to ₹73.82 lakh crore, while Nominal GVA grew 11.5% to reach ₹80.53 lakh crore.
The International Monetary Fund (IMF) has welcomed India’s recent efforts to overhaul its statistical framework, noting that newly integrated economic indicators will enhance the precision of the country's gross domestic product (GDP) calculations.
The endorsement follows the inclusion of updated Index of Industrial Production (IIP) and Producer Price Index (PPI) series in the latest national accounts release, addressing ongoing global debates surrounding the credibility of India's growth metrics.
"The latest GDP release incorporated both a new index of industrial production, and a new producer price index series, and those two new series should help improve India's GDP estimates," said Julie Kozack, Director of the Communications Department at the IMF, during a press briefing in Washington.
MUST READ | India cannot become $30 tn economy without US, China, Europe: Amitabh Kant on New Delhi's BRICS challenge
Commending the nation’s proactive approach to modernising its macroeconomic data systems, Kozack added, "We, of course, encourage the authorities to continue to further strengthen the statistical framework and data quality along the lines that they're progressing."
The IMF official highlighted that India's real GDP registered a 7.8 per cent expansion in the second quarter, comfortably outperforming internal forecasts by IMF staff as well as the broader market consensus. This upside surprise was primarily propelled by robust activity in the services sector alongside strong export performance.
Reiterating India's pivotal role in global macroeconomic stability, Kozack pointed out that the quarterly performance underscores the fundamental resilience of the domestic economy despite international energy price shocks, confirming that India remains a primary growth engine for the world.
India braves global headwinds: Q1GDP surges 7.8%
India’s economic expansion maintained its momentum in the first quarter of the 2026-27 financial year, withstanding international pressures to record an accelerated growth rate driven by strong capital investment, robust construction, and high-performing service industries.
DON'T MISS | Why 7% GDP growth may not be enough: Former RBI governor’s reality check on India’s growth story
Data released on August 31 by the Ministry of Statistics and Programme Implementation (MOSPI) showed Real Gross Domestic Product (GDP) grew by 7.8% during Q1 (April-June) of FY 2026-27, stepping up from the 6.9% expansion logged in the same period of the prior fiscal year.
Real GDP at Constant Prices (base year 2022-23) climbed to ₹81.36 lakh crore for the quarter, compared to ₹75.46 lakh crore in Q1 FY 2025-26. At current prices, Nominal GDP registered a 10.3% growth rate to touch ₹88.27 lakh crore against ₹80 lakh crore a year earlier. Real Gross Value Added (GVA) expanded 8.2% to ₹73.82 lakh crore, while Nominal GVA grew 11.5% to reach ₹80.53 lakh crore.