India’s exemplary GDP growth of 7.8 pc in Q1 a ‘herculean feat’: PM Modi

New Delhi, Aug 31 (IANS) Prime Minister Narendra Modi on Monday said India’s exemplary GDP growth of 7.8 per cent during the first quarter (Q1) of the current financial year (FY 2026-27) is a “herculean feat”.

In a post on X, PM Modi said: “The collective strength of our people ensured India delivered such growth despite oil price shocks and supply chain issues in the midst of global uncertainties”.

“Doomsayers were doomed and India bloomed…yet again!” he posted.

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, said the ministry.

–IANS

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