IMF backs India's GDP data as Q1 FY27 growth beats forecasts at 7.8%
The IMF said India's 7.8% real GDP growth in Q1 FY27 exceeded its expectations, driven by services and exports, and welcomed new statistical series.
India's economy has withstood the energy price shock better than expected, the International Monetary Fund said, after official data showed real GDP expanding 7.8 per cent in the first quarter of FY27.
The April-June figure surpassed both the IMF staff's projections and the consensus among other observers, fund spokesperson Julie Kozack said at a press briefing. She attributed the upside surprise to stronger-than-anticipated activity in services and exports.
"The outturn also underscores the resilience of the Indian economy despite the energy price shock. It also means that India does remain a key growth engine for the world," Kozack said.
Her remarks came amid a public debate over the integrity and transparency of India's national accounts. Former finance secretary Subhash Chandra Garg questioned the 7.8 per cent reading, pointing out that the previous year's current-price GDP had been revised down from Rs 86 lakh crore to Rs 80 lakh crore. Without that revision, he argued, growth at current prices would have been closer to 2.6 per cent.
Kozack pointed to methodological changes in the latest release, which incorporated a new index of industrial production and a new producer price index series. Those additions, she said, should help improve the accuracy of India's GDP estimates.
The IMF welcomed the steps India is taking to modernise its macroeconomic statistics and encouraged authorities to keep strengthening the statistical framework and data quality.
According to the Ministry of Statistics and Programme Implementation, real GDP stood at Rs 81.36 lakh crore in Q1 FY27, up from Rs 75.46 lakh crore in the year-ago quarter. The print also exceeded the Reserve Bank of India's earlier projection of 7 per cent growth for the period.
The fund's assessment places India's strong quarterly performance alongside continuing scrutiny of how its GDP numbers are compiled and revised.