Buckle up, India watchers—the economy just got a whole lot bigger. SBI Research’s latest report on the revised GDP series delivers blockbuster insights: a supersized economy and manufacturing stepping up as the undisputed growth engine.
Q3 FY26 growth slowed to 7.8% from 8.4% in Q2, but FY26 is still eyed at 7.6%, topping the prior 7.4% projection. Annual tweaks show FY24 at 7.2% (down from 9.2%) and FY25 at 7.1% (up from 6.5%).
Real GDP revisions are jaw-dropping: FY23 at ₹261 lakh crore (was ₹161 lakh crore), FY25 at ₹300 lakh crore (was ₹188 lakh crore). Credits go to superior data, manufacturing double deflation, and precise indices.
Enter manufacturing, the MVP. It clocked 12.7% in FY24, 11.5% in FY26. FY26 quarters: Q1 10.6%, Q2 13.2%, Q3 13.3%—all double digits, thanks to accurate deflation methods.
Services cruise at 9% for FY26 (FY24 was 7.9%), Q3 surging 9.5% with financials, real estate, IT, and pros at 11.2%.
Agriculture stumbles: FY26 at 2.4% (down from FY25 4.2%), Q3 1.4% vs. last year’s 5.8%, base effects at play.
With a fresh base year and refined processes, this series illuminates India’s strength. Manufacturing’s breakout performance, coupled with services’ reliability, paints a vibrant future. Addressing agri slowdowns will be key, but these numbers affirm India’s ascent as a manufacturing giant.