MoSPI’s new GDP series resets benchmarks for India’s retail and consumer sectors
India’s 2022-23-base GDP series expands use of GST, surveys and administrative data, with material sectoral revisions including lower estimates for trade, repair, hotels and restaurants. The changes could alter how retailers, investors and policymakers benchmark consumer-sector growth.
What happened
MoSPI detailed India’s new GDP methodology, expanding use of GST, surveys and administrative data. The revised series makes sharp sectoral changes, including downward revisions to trade, repair, hotels and restaurants, affecting benchmarks used to assess Indian retail and consumer-sector activity.
Key facts
- 7.8% April-June GDP growth
- 2022-23 GDP base year
- Double deflation used in 28 of 30 manufacturing categories
- FY23 private-corporation construction GVA revised to Rs 7.46 lakh crore from Rs 3.53 lakh crore
- FY23 agriculture, forestry and fishing GVA revised down 16% to Rs 90,278 crore from Rs 1.1 lakh crore
- GDP growth for each of the last three financial years ending FY26 raised by 10 basis points
Why this matters
Reassess market-sizing, target-growth and synergy cases using the new retail-linked baseline, particularly for deals tied to discretionary consumption, hospitality or trade activity.