India’s economic momentum strengthened in the second quarter of FY 2025-26, with Real GDP or GDP at Constant Prices rising by 8.2% during July–September 2025, according to the latest estimates released by the National Statistics Office (NSO) under the Ministry of Statistics and Programme Implementation. This marks a significant improvement over the 5.6% growth recorded in the same quarter of the previous year.
In absolute numbers, Real GDP in Q2 of FY 2025-26 is estimated at ₹48.63 lakh crore, against ₹44.94 lakh crore in Q2 of FY 2024-25, registering a growth rate of 8.2%. Nominal GDP or GDP at Current Prices in Q2 of FY 2025-26 is estimated at ₹85.25 lakh crore, against ₹78.40 lakh crore in Q2 of FY 2024-25, showing a growth rate of 8.7%.
The surge was powered primarily by the Secondary and Tertiary sectors. The Secondary Sector expanded by 8.1%, with manufacturing growing at 9.1% and construction at 7.2%. The Tertiary Sector recorded an even higher growth rate of 9.2%, supported by strong performance in Financial, Real Estate and Professional Services, which registered 10.2% growth at constant prices. In contrast, Agriculture and Allied activities grew at a more moderate pace of 3.5%, while the Electricity, Gas, Water Supply and Other Utility Services segment posted 4.4% growth.
Private consumption showed notable improvement during the quarter. Private Final Consumption Expenditure (PFCE) grew 7.9%, higher than the 6.4% growth seen in the corresponding period last year, signalling a revival in consumer sentiment and domestic demand.
Real GDP or GDP at Constant Prices in April-September of 2025-26 (H1 2025-26) is estimated at ₹96.52 lakh crore, against ₹89.35 lakh crore in H1 of 2024-25, registering a growth rate of 8.0%. Nominal GDP or GDP at Current Prices in H1 of 2025-26 is estimated at ₹171.30 lakh crore, against ₹157.48 lakh crore in H1 of 2024-25, showing a growth rate of 8.8%.
The NSO noted that the estimates are based on a wide range of indicators, including agricultural production targets, industrial output such as coal, natural gas, cement and steel, quarterly financial results of listed companies, railway and aviation traffic, port cargo movement, GST collections, banking activity and government expenditure.
The Ministry also highlighted that India’s national accounts are currently going through a major base year revision—from 2011-12 to 2022-23. The updated GDP series, which will incorporate revised methodologies and expanded data coverage, is scheduled for release on February 27, 2026.
According to the Ministry, the current quarterly estimates are provisional and subject to revision as more comprehensive data becomes available. The upcoming shift to the new base year is expected to refine the estimates further and offer a more accurate assessment of India’s economic performance.