New Delhi, April 19 -- Earlier this year, the government issued a much-awaited update to the methods by which it measures national income and gross domestic product (GDP).

According to the government, key reforms to the way GDP is calculated "include revising the base years of GDP and price indices, strengthening the measurement of the informal and services sectors, improving labour market statistics, adopting advanced survey methods and technology, and enhancing transparency."

Based on the new methodology, India's GDP grew 7.2%, 7.1% and 7.6% in real (inflation-adjusted) terms in FY24, FY25, and FY26, respectively, compared to the 9.2%, 6.5% and 7.4% growth rates last estimated using the old methodology. In absolute terms, GDP is now l...