Revised GDP framework to boost credibility of India’s national accounts statistics: Economists

Posted on by Vividh Bharathi

New Delhi, Feb 27 (IANS) As India moves towards deeper integration in the global value chains, base year updates at regular intervals, current after every five years, it reflects the government’s commitment to data-driven policy intervention to shocks in the global economy, economists said on Friday.

New estimates of real GDP at Rs 322.58 lakh crore in FY 2025-26, against the First Revised Estimate (FRE) of GDP for the year 2024-25 of Rs 299.89 lakh crore pegs GDP growth rate at 7.6 per cent, as compared to 7.1 per cent in FRE 2024-25.

Further, nominal GDP is estimated at Rs 345.47 lakh crore in the year 2025-26, against Rs 318.07 lakh crore in 2024-25, showing a growth rate of 8.6 per cent, PHDCCI President Rajeev Juneja said.

Real GVA at Rs 294.40 lakh crore in the year 2025-26, against Rs 273.36 lakh crore in FY 2024-25, registers a growth rate of 7.7 per cent as compared to 7.3 per cent in 2024-25.

“The revised GDP framework will enhance the credibility and analytical usefulness of India’s national accounts statistics. The updated methodology is expected to provide policymakers, businesses, and investors with a more accurate picture of economic activity across sectors,” he added.

New series integrates multiple data sources such as GST statistics, financial results of listed companies, transport indicators, and digital administrative sources.

This broader data coverage is expected to strengthen measurement of economic output, consumption, investment, and sectoral contributions, and prepare India for the next phase of growth trajectory, Juneja said.

Improved statistical measurement will support data-driven and evidence-based policymaking and facilitate better economic planning.

“Foreign investors, both institutional and non-institutional, that are keen to invest in India’s growth story, will see this as reliable and internationally comparable data, which augurs well for increasing India’s private capex-driven growth momentum,” PHDCCI CEO and SG, Dr Ranjeet Mehta, said.

According to ICRA Ltd’s Chief Economist Aditi Nayar, manufacturing GVA encouragingly expanded by double digits for the fifth consecutive quarter in a row in Q3 FY2026, while services GVA growth inched up to a 7-quarter high of 9.5 per cent from 9.3 per cent in the previous quarter.

“ICRA currently believes that there is a higher likelihood of a prolonged pause on the policy rate, amid expectations of a base-led uptick in the CPI inflation in the near term,” she said.

–IANS

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With Constitutional Amendment Bill, Centre wants to retain power without accountability: Abhishek Banerjee (Ld)

Kolkata, Aug 20 (IANS) Trinamool Congress General Secretary and the leader of the party in Lok Sabha, Abhishek Banerjee, on Wednesday severely criticised the BJP-led government at the Centre for introducing the Constitution Amendment bill, saying it was their attempt to retain power without accountability.

Addressing a press conference in Kolkata, Banerjee claimed the Centre was trying to divert attention from its failure to push through the Special Intensive Revision (SIR) of electoral rolls, which has now “met roadblocks at the Supreme Court”, by bringing forward the new bill in Parliament.

“The intention behind moving the bills was to enable the BJP to retain power, money and control over the nation, but without shouldering accountability. It is a deadly combination. That’s why they will never include the accountability clause we ask for in the bills. The people of India have successfully stopped it from going through,” he said.

Union Home Minister Amit Shah on Wednesday introduced the Government of Union Territories (Amendment) Bill 2025, the Constitution (One Hundred And Thirtieth Amendment) Bill 2025, and the Jammu and Kashmir Reorganisation (Amendment) Bill 2025 in Lok Sabha.

The Constitution (130th Amendment) Bill, 2025, seeks to remove a Central or State Minister who is facing allegations of corruption or serious offences and has been detained for at least 30 days or over an offence that carries a jail term of five years or more, even if not convicted.

“We will be the first to support the bills. In fact, we urge the government to reduce the jail term of ministers from 30 days to 15 days, as proposed. But the government must add the clause that if the persecuted minister is not proven guilty on the 16th day, then the investigating officers of the investigation agency concerned and its top bosses will have to go to jail for double the time they hold the leader in jail in the name of conducting a probe. If they add this clause, then Trinamool will be the first party to support this bill,” Banerjee said.

The Trinamool Congress Lok Sabha leader claimed that the bills will never be passed in Parliament as they require a two-thirds majority of members in both Houses for their passage since they aim to amend the Constitution.

Amid uproar from the Opposition, the draft laws were referred to a Joint Committee of Parliament, comprising 21 members from the Lok Sabha and 10 from the Rajya Sabha.

Earlier in the day, Banerjee slammed the Centre for proposing to move forward with the Constitution Amendment bill.

He said on X that such a bill is introduced to target opposition leaders by using central investigation agencies.

“We strongly condemn this authoritarian attitude and oppose the introduction of this DRACONIAN CONSTITUTIONAL AMENDMENT BILL. The Government of India, instead of providing relief to the people and working for the genuine development of farmers, workers and the poor, has completely failed to uphold its duty of safeguarding the sovereignty of the nation,” said Banerjee.

Opposing the Centre’s move, the Trinamool Congress leader said, “Having failed in its attempt to misuse the EC to implement SIR, the government has now activated another “E” — ED – to bring in laws that target opposition leaders, crush democracy and manipulate the people’s mandate by toppling State Govts.”

–IANS

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ED grills Robert Vadra over London property deals, links with Sanjay Bhandari

New Delhi, July 14 (IANS) Robert Vadra, husband of Congress MP Priyanka Gandhi Vadra, was grilled by the Enforcement Directorate (ED) on Monday, over alleged money laundering linked to two London property deals.

Vadra, who has denied any wrongdoing in his repeated appearance before the ED, left after spending about two hours in the federal agency’s office.

Vadra refused to give any statement to mediapersons after the proceedings. On several earlier occasions, he hit out at the ED for hounding him and stated that he had nothing to hide.

The ED has alleged that the two properties in question are benami properties of Vadra which he acquired in collusion with UK-based arms consultant Sanjay Bhandari.

The two London properties are at Grosvenor Hill Court, 13, Bourdon Street, and 19, Bryanston Square. The ED treats them as proceeds of crime related to a money laundering case registered in 2016.

The ED alleged that Vadra lived in the Bryanston Square property on a few occasions during his London visits.

The properties under the ED’s lens drew attention after investigators sniffed benami deals between Vadra and Bhandari.

The investigation agency alleged that Bhandari renovated a property in London in 2009 using funds provided by Vadra.

Earlier on July 5, Bhandari was declared a fugitive economic offender by a Delhi Court, a development which came within months of a British court’s refusal to extradite him to India.

Bhandari, 62, who fled to the UK in 2016, was declared a fugitive economic offender under the Fugitive Economic Offenders Act, 2018, paving the way for the probe agency to attach his assets.

The ED filed a chargesheet against Bhandari in 2020 based on proceedings initiated against him by the Income Tax department under the anti-black money law.

Bhandari was accused of concealing overseas assets, making false statements to suppress information about overseas assets and using backdated documents.

–IANS

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Jairam Ramesh highlights smartphone-friendly Nehru archival facility

New Delhi, Nov 20 (IANS) Congress General Secretary in charge of Communications Jairam Ramesh on Thursday highlighted a new digital archival facility introduced by the Jawaharlal Nehru Memorial Fund to access documents related to the freedom struggle and early years of Independent India.

The Congress leader shared information on X and said, “The Jawaharlal Nehru Memorial Fund has just launched a smartphone-friendly http://nehruarchive.in.”

“This is an easily searchable and freely downloadable digital archive initially built around the 100 published volumes of the Selected Works of Jawaharlal Nehru covering the period 1903-1964. There are over 75,000 pages and over 3,000 illustrations to begin with,” said Ramesh.

“The archive will keep getting expanded to cover more text, photographs, audio, and films. Archives across the world containing letters to and from Nehru are being contacted to expand the archive. Books by and on Nehru during his lifetime will be included,” wrote Ramesh.

Earlier, the JNMF said in a statement, “The website The Nehru Archive is available on nehruarchive.in. The entire set of 100 volumes has been digitised; they may be searched and freely downloaded, and they may be used with equal ease on the mobile as on the laptop. The facsimiles of the original print version are also available alongside the digital text.”

“This online version would be of immense benefit to anybody who wishes to study any aspect of Indian history from the 1920s to the 1960s, the years when Nehru was a major leader of the movement for Independence and thereafter was Prime Minister of the country,” said JNMF Secretary Professor Madhavan Palat in the statement.

It contains some 35,000 documents and about 3000 illustrations. From volume 44 onward, that is, from September 1958, his speeches in the original Hindi and in English translation are also available. The documents consist of his correspondence, speeches, interviews, administrative notes on files, diary entries, and even doodles. However, this is only a beginning, it said.

“Hereafter, new items will be added in stages. These are photographs, audios, videos, books by Nehru, books and other publications on Nehru that appeared in his lifetime, any other documentation available in the public domain, the Hindi original of his speeches which had not been published in the Selected Works, and other similar items,” said the JNMF.

–IANS

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