New Delhi, March 3 -- India's revised GDP series has delivered an unexpected outcome: a smaller economy and weaker private consumption. For a growing economy, a downward revision in size is unusual, unless earlier estimates overstated activity.

GDP data released last week by the statistics ministry, based on the updated 2022-23 base year, showed India's nominal GDP for 2025-26 at Rs.345.47 trillion ($3.93 trillion)-3.26% lower than the Rs.357.14 trillion estimate published in January under the 2011-12 series.

The downward revision stems from those earlier overestimations. In an interaction with Mint, the statistics ministry confirmed that proxy indicators used in the older series had led to overestimations, validating concerns raised by...