India's GDP growth estimated at 7.8% in Oct-Dec following data revamp

[NEW DELHI] India’s economy grew 7.8 per cent in October-December from the same period a year earlier, after posting 8.4 per cent growth in the previous quarter, the government said on Friday (Feb 27), as it unveiled a revised series of national output data.

For the full fiscal year ending in March, the government expects the South Asian economy to have grown by 7.6 per cent, the National Statistics Office said. It had been forecast to grow by 7.4 per cent under the old data series.

Prime Minister Narendra Modi’s government has undertaken to revamp economic data, including for inflation and gross domestic product, by expanding the sources of information and updating the base year to 2022-23, among other changes.

The adjustments aim to address criticism of outdated data practices and enhance accuracy. REUTERS