Forecasts vs outcome

Each year the Economic Survey and the Reserve Bank of India forecast real GDP growth, and the Union Budget assumes a figure for nominal GDP. Every forecast here is quoted from the official document and checked against it.

Survey range held the outcome

1 of 10

years 2015-16 to 2024-25; above it 2, below 7

Survey midpoint, typical miss

0.9 pts

median gap to the latest estimate

RBI start-of-year projection, typical miss

0.8 pts

median, same years

Real GDP growth: forecast and outcome

Forecasts made before or at the start of each year, against MoSPI's first estimate and its latest.

Economic Survey
RBI, start of year
MoSPI first estimate
Latest, 2011-12 base
Latest, 2022-23 base

Show as table

Year	Economic Survey	RBI, start of year	MoSPI first estimate	Latest, 2011-12 base	Latest, 2022-23 base	Note
2026-27	6.8% to 7.2%	6.9%, 8 Apr 2026	–	–	–
2025-26	6.3% to 6.8%	6.5%, 9 Apr 2025	7.4% (First Advance Estimate)	7.4% (First Advance Estimate)	7.8% (Provisional Estimate)
2024-25	6.5% to 7.0%	7.0%, 5 Apr 2024	6.3% (First Advance Estimate)	6.4% (Provisional Estimate)	7.2% (First Revised Estimate)
2023-24	6.5%	6.5%, 6 Apr 2023	7.3% (First Advance Estimate)	9.1% (First Revised Estimate)	7.3% (Final Estimate)	Survey point forecast with a band of 6–6.8%.
2022-23	8.0% to 8.5%	7.2%, 8 Apr 2022	6.9% (First Advance Estimate)	7.6% (Final Estimate)	–
2021-22	11.0%	10.5%, 7 Apr 2021	9.1% (First Advance Estimate)	9.6% (Second Revised Estimate)	–
2020-21	6.0% to 6.5%	6.0%, 6 Feb 2020	−7.7% (First Advance Estimate)	−5.7% (Third Revised Estimate)	–
2019-20	7.0%	7.2%, 4 Apr 2019	5.0% (First Advance Estimate)	3.8% (Third Revised Estimate)	–
2018-19	7.0% to 7.5%	7.4%, 5 Apr 2018	7.2% (First Advance Estimate)	6.4% (Third Revised Estimate)	–
2017-18	6.8% to 7.5%	7.4% (GVA), 6 Apr 2017	6.5% (First Advance Estimate)	6.7% (Third Revised Estimate)	–	RBI projected GVA, not GDP.
2016-17	7.0% to 7.8%	7.6% (GVA), 5 Apr 2016	7.1% (First Advance Estimate)	8.3% (Third Revised Estimate)	–	RBI projected GVA, not GDP.
2015-16	8.1% to 8.5%	7.8% (GVA), 7 Apr 2015	7.6% (First Advance Estimate)	7.9% (Third Revised Estimate)	–	RBI projected GVA, not GDP.
2014-15	5.4% to 5.9%	5.5%, 1 Apr 2014	7.4% (First Advance Estimate)	7.4% (Third Revised Estimate)	–	Forecasts made on the old 2004-05 base (GDP at factor cost); outcome on the 2011-12 base.
2013-14	6.1% to 6.7%	5.7%, 3 May 2013	–	6.3% (Additional revision)	–	Forecasts made on the old 2004-05 base (GDP at factor cost); outcome on the 2011-12 base.
2012-13	7.6%	7.3%, 17 Apr 2012	–	5.4% (Additional revision)	–	Forecasts made on the old 2004-05 base (GDP at factor cost); outcome on the 2011-12 base. Survey point forecast with a band of 7.35–7.85%.
2011-12	9.0%	8.0%, 3 May 2011	–	–	–	Forecasts made on the old 2004-05 base (GDP at factor cost); outcome on the 2011-12 base. Survey point forecast with a band of 8.75–9.25%.

Economic Survey (indiabudget.gov.in), RBI monetary policy statements (rbi.org.in), MoSPI national accounts. Quotes and links are in the tables below.

The new 2022-23 series changed past growth a lot: it puts 2023-24 at 7.3%, against 9.1% in the old series. Forecasts made before February 2026 were for the old series.

How the RBI's projection moved during each year

Every projection the RBI published for the year, from its first to its last, against MoSPI's first estimate.

First projection
Later projections
Last projection
MoSPI first estimate

Show as table

Year	First projection	Later projections	Last projection	MoSPI first estimate
2026-27	6.9%, 8 Apr 2026	6.6%, 5 Jun 2026, 6.7%, 5 Aug 2026	7.1%, 7 Oct 2026	–
2025-26	6.7%, 7 Feb 2025	6.5%, 9 Apr 2025, 6.5%, 6 Jun 2025, 6.5%, 6 Aug 2025, 6.8%, 1 Oct 2025	7.3%, 5 Dec 2025	7.4% (First Advance Estimate)
2024-25	7.0%, 8 Feb 2024	7.0%, 5 Apr 2024, 7.2%, 7 Jun 2024, 7.2%, 8 Aug 2024, 7.2%, 9 Oct 2024	6.6%, 6 Dec 2024	6.3% (First Advance Estimate)
2023-24	6.4%, 8 Feb 2023	6.5%, 6 Apr 2023, 6.5%, 8 Jun 2023, 6.5%, 10 Aug 2023, 6.5%, 6 Oct 2023	7.0%, 8 Dec 2023	7.3% (First Advance Estimate)
2022-23	7.8%, 10 Feb 2022	7.2%, 8 Apr 2022, 7.2%, 8 Jun 2022, 7.2%, 5 Aug 2022, 7.0%, 30 Sept 2022	6.8%, 7 Dec 2022	6.9% (First Advance Estimate)
2021-22	10.5%, 5 Feb 2021	10.5%, 7 Apr 2021, 9.5%, 4 Jun 2021, 9.5%, 6 Aug 2021, 9.5%, 8 Oct 2021	9.5%, 8 Dec 2021	9.1% (First Advance Estimate)
2020-21	6.0%, 6 Feb 2020	−9.5%, 9 Oct 2020	−7.5%, 4 Dec 2020	−7.7% (First Advance Estimate)
2019-20	7.4%, 7 Feb 2019	7.2%, 4 Apr 2019, 7.0%, 6 Jun 2019, 6.9%, 7 Aug 2019, 6.1%, 4 Oct 2019	5.0%, 5 Dec 2019	5.0% (First Advance Estimate)
2018-19	7.2% GVA, 7 Feb 2018	7.4%, 5 Apr 2018, 7.4%, 6 Jun 2018, 7.4%, 1 Aug 2018, 7.4%, 5 Oct 2018	7.4%, 5 Dec 2018	7.2% (First Advance Estimate)
2017-18	7.4% GVA, 8 Feb 2017	7.4% GVA, 6 Apr 2017, 7.3% GVA, 7 Jun 2017, 7.3% GVA, 2 Aug 2017, 6.7% GVA, 4 Oct 2017, 6.7% GVA, 6 Dec 2017	6.6% GVA, 7 Feb 2018	6.5% (First Advance Estimate)
2016-17	7.6% GVA, 2 Feb 2016	7.6% GVA, 5 Apr 2016, 7.6% GVA, 7 Jun 2016, 7.6% GVA, 9 Aug 2016, 7.6% GVA, 4 Oct 2016, 7.1% GVA, 7 Dec 2016	6.9% GVA, 8 Feb 2017	7.1% (First Advance Estimate)
2015-16	6.5%, 3 Feb 2015	7.8% GVA, 7 Apr 2015, 7.6% GVA, 2 Jun 2015, 7.6% GVA, 4 Aug 2015, 7.4% GVA, 29 Sept 2015, 7.4% GVA, 1 Dec 2015	7.4% GVA, 2 Feb 2016	7.6% (First Advance Estimate)
2014-15	5.5%, 28 Jan 2014	5.5%, 1 Apr 2014, 5.5%, 3 Jun 2014, 5.5%, 5 Aug 2014, 5.5%, 30 Sept 2014, 5.5%, 2 Dec 2014	5.5%, 3 Feb 2015	7.4% (First Advance Estimate)
2013-14	5.7%, 3 May 2013	5.5%, 30 Jul 2013	5.0%, 29 Oct 2013	–
2012-13	7.3%, 17 Apr 2012	6.5%, 31 Jul 2012, 5.8%, 30 Oct 2012	5.5%, 29 Jan 2013	–
2011-12	8.0%, 3 May 2011	8.0%, 26 Jul 2011, 7.6%, 25 Oct 2011	7.0%, 24 Jan 2012	–

RBI monetary policy statements and MPC resolutions. 2015-16 to 2017-18: the RBI projected gross value added (GVA), not GDP. 2020-21: no number until October 2020.

The Budget's GDP assumption

The Budget sets its figures as a share of a projected nominal GDP. Here is how that projection compared with MoSPI's latest figure for the year (2011-12 base). Blue: the economy turned out bigger than assumed.

Budget 2025-26+0.0%
Budget ₹356.98 lakh crore → First Advance Estimate ₹357.14 lakh crore
Budget 2024-25+1.3%
Budget ₹326.37 lakh crore → Provisional Estimate ₹330.68 lakh crore
Budget 2023-24−0.2%
Budget ₹301.75 lakh crore → First Revised Estimate ₹301.23 lakh crore
Budget 2022-23+4.2%
Budget ₹258.00 lakh crore → Final Estimate ₹268.90 lakh crore
Budget 2021-22+5.9%
Budget ₹222.87 lakh crore → Second Revised Estimate ₹235.97 lakh crore
Budget 2020-21−11.7%
Budget ₹224.89 lakh crore → Third Revised Estimate ₹198.54 lakh crore
Budget 2019-20−4.7%
Budget ₹211.01 lakh crore → Third Revised Estimate ₹201.04 lakh crore
Budget 2018-19+0.9%
Budget ₹187.22 lakh crore → Third Revised Estimate ₹189.00 lakh crore
Budget 2017-18+1.4%
Budget ₹168.47 lakh crore → Third Revised Estimate ₹170.90 lakh crore
Budget 2016-17+2.2%
Budget ₹150.65 lakh crore → Third Revised Estimate ₹153.92 lakh crore
Budget 2015-16−2.4%
Budget ₹141.09 lakh crore → Third Revised Estimate ₹137.72 lakh crore

Budget at a Glance (indiabudget.gov.in), the note under its headline table. Budgets 2011-12 to 2014-15 assumed GDP on the old 2004-05 base, so they are listed below but not compared. No outcome yet for Budget 2026-27.

Every Budget's assumption, as printed

Budget	Assumed GDP	Stated growth	As printed
2026-27	₹393.00 lakh crore	–	GDP for FY 2026-27 is estimated at ₹393,00,393 crore
2025-26	₹356.98 lakh crore	10.1%	GDP for FY 2025-26 is estimated at ₹ 356,97,923 crore, which is 10.1% over the Revised Estimates for FY 2024-25 of ₹ 324,11,406 crore (The two rupee amounts are not in the PDF's text layer; they were read from the rendered page.)
2024-25	₹326.37 lakh crore	10.5%	GDP for Budget FY 2024-25 (Regular) is estimated at `3,26,36,912 crore which is 10.5% over the Provisional Estimates of FY 2023-24 at `2,95,35,667 crore
2023-24	₹301.75 lakh crore	10.5%	GDP for BE 2023-2024 has been projected at % `3,01,75,065 crore assuming 10.5 % growth over the - ` estimated Nominal GDP of `2,73,07,751 crore
2022-23	₹258.00 lakh crore	11.1%	GDP for BE 2022-2023 has been projected at `25800000 crore assuming 11.1% growth over the estimated GDP of `23214703 crore
2021-22	₹222.87 lakh crore	14.4%	GDP for BE 2021-2022 has been projected at `22287379 crore assuming 14.4% growth over the estimated GDP of `19481975 crore
2020-21	₹224.89 lakh crore	10%	GDP for BE 2020-2021 has been projected at `22489420 crore assuming 10.0 % growth over the estimated GDP of `20442233 crore
2019-20	₹211.01 lakh crore	12%	GDP for BE 2019-2020 has been projected at 21100607 crore assuming 12.0 % growth over the estimated GDP of `18840731 crore
2018-19	₹187.22 lakh crore	11.5%	GDP for BE 2018-2019 has been projected at ` 18722302 crore assuming 11.5% growth over the estimated GDP of ` 16784679 crore
2017-18	₹168.47 lakh crore	–	GDP for BE 2017-2018 has been projected at ` 16847455 crore
2016-17	₹150.65 lakh crore	–	GDP for BE 2016-2017 has been projected at`15065010 crore
2015-16	₹141.09 lakh crore	–	GDP for BE 2015-2016 has been projected at `14108945 crore
2014-15	₹128.77 lakh crore	–	GDP for BE 2014-2015 has been projected at `12876653 crore
2013-14	₹113.72 lakh crore	–	GDP for BE 2013-2014 has been projected at ` 11371886 crore
2012-13	₹101.60 lakh crore	–	GDP for BE 2012-2013 has been projected at ` 10159884 crore
2011-12	₹89.81 lakh crore	–	GDP for BE 2011-2012 has been projected at ` 8980860 crore

The forecasts, as published

Economic Survey: projection for the coming year

For	Forecast	Survey	Quote
2026-27	6.8% to 7.2%	Economic Survey 2025-26, 29 Jan 2026	“the Economic Survey projects real GDP growth in FY27 in the range of 6.8 to 7.2 per cent.” PDF, p. 31
2025-26	6.3% to 6.8%	Economic Survey 2024-25, 31 Jan 2025	“we expect that the growth in FY26 would be between 6.3 and 6.8 per cent.” PDF, p. 33
2024-25	6.5% to 7.0%	Economic Survey 2023-24, 22 Jul 2024	“the Survey conservatively projects a real GDP growth of 6.5–7 per cent, with risks evenly balanced, cognizant of the fact that the market expectations are on the higher side.” PDF, p. 35
2023-24	6.5%	Economic Survey 2022-23, 31 Jan 2023	“the survey projects a baseline GDP growth of 6.5 per cent in real terms in FY24.” PDF, p. 23
2022-23	8.0% to 8.5%	Economic Survey 2021-22, 31 Jan 2022	“India’s GDP is projected to grow in real terms by 8.0-8.5 per cent in 2022-23.” PDF, p. 38
2021-22	11.0%	Economic Survey 2020-21, 29 Jan 2021	“India’s real GDP is projected to record a growth of 11.0 percent in 2021-22 and nominal GDP by 15.4 per cent.” PDF, p. 47
2020-21	6.0% to 6.5%	Economic Survey 2019-20, 31 Jan 2020	“India’s GDP growth is expected to grow in the range of 6.0 to 6.5 per cent in 2020-21.” PDF, p. 29
2019-20	7.0%	Economic Survey 2018-19, 4 Jul 2019	“the economy is projected to grow at 7 per cent in 2019-20.” PDF, p. 1
2018-19	7.0% to 7.5%	Economic Survey 2017-18, 29 Jan 2018	“a pick-up in growth to between 7 and 7.5 percent in 2018-19 can be forecasted” PDF, p. 28
2017-18	6.8% to 7.5%	Economic Survey 2016-17 (Volume I), 31 Jan 2017	“we expect real GDP growth to be in the 6¾ to 7½ percent range in FY2018.” PDF, p. 20
2016-17	7.0% to 7.8%	Economic Survey 2015-16, 26 Feb 2016	“we expect real GDP growth to be in the 7 to 7¾ per cent range, with downside risks” PDF, p. 16
2015-16	8.1% to 8.5%	Economic Survey 2014-15, 27 Feb 2015	“Using the new estimate for 2014-15 as the base, this implies growth at market prices of 8.1-8.5 percent in 2015-16.” PDF, p. 8
2014-15	5.4% to 5.9%	Economic Survey 2013-14, 9 Jul 2014	“the GDP at factor cost at constant prices expected to grow in the range of 5.4 – 5.9 per cent in 2014-15.” PDF, p. 22
2013-14	6.1% to 6.7%	Economic Survey 2012-13, 27 Feb 2013	“the overall economy is expected to grow in the range of 6.1 to 6.7 per cent in 2013-14.” PDF, p. 22
2012-13	7.6%	Economic Survey 2011-12, 15 Mar 2012	“a forecast of the growth rate of real GDP for 2012-13 to be 7.6 (+/-0.25) per cent.” PDF, p. 20
2011-12	9.0%	Economic Survey 2010-11, 25 Feb 2011	“India’s real GDP is expected to grow by 9 per cent (+/- 0.25) in 2011-12.” PDF, p. 21

RBI: every projection

For	Date	Projection	Quote
2026-27	6 Feb 2026	no full-year figure; Q1 6.9, Q2 7.0	“real GDP growth projections for Q1:2026-27 and Q2 are revised upwards to 6.9 per cent and 7.0 per cent, respectively” RBI
2026-27	8 Apr 2026	6.9%	“real GDP growth for 2026-27 is projected at 6.9 per cent” RBI
2026-27	5 Jun 2026	6.6%	“real GDP growth for 2026-27 is projected at 6.6 per cent” RBI
2026-27	5 Aug 2026	6.7%	“real GDP growth for 2026-27 is projected at 6.7 per cent” RBI
2026-27	7 Oct 2026	7.1%	“real GDP growth for 2026-27 is projected at 7.1 per cent” RBI
2025-26	7 Feb 2025	6.7%	“real GDP growth for 2025-26 is projected at 6.7 per cent” RBI
2025-26	9 Apr 2025	6.5%	“real GDP growth for 2025-26 is now projected at 6.5 per cent” RBI
2025-26	6 Jun 2025	6.5%	“real GDP growth for 2025-26 is projected at 6.5 per cent” RBI
2025-26	6 Aug 2025	6.5%	“projection for real GDP growth for 2025-26 has been retained at 6.5 per cent” RBI
2025-26	1 Oct 2025	6.8%	“real GDP growth for 2025-26 is now projected at 6.8 per cent” RBI
2025-26	5 Dec 2025	7.3%	“real GDP growth for 2025-26 is projected at 7.3 per cent” RBI
2024-25	8 Feb 2024	7.0%	“real GDP growth for 2024-25 is projected at 7.0 per cent” RBI
2024-25	5 Apr 2024	7.0%	“real GDP growth for 2024-25 is projected at 7.0 per cent” RBI
2024-25	7 Jun 2024	7.2%	“real GDP growth for 2024-25 is projected at 7.2 per cent” RBI
2024-25	8 Aug 2024	7.2%	“real GDP growth for 2024-25 is projected at 7.2 per cent” RBI
2024-25	9 Oct 2024	7.2%	“real GDP growth for 2024-25 is projected at 7.2 per cent” RBI
2024-25	6 Dec 2024	6.6%	“real GDP growth for 2024-25 is projected at 6.6 per cent” RBI
2023-24	8 Feb 2023	6.4%	“real GDP growth for 2023-24 is projected at 6.4 per cent” RBI
2023-24	6 Apr 2023	6.5%	“real GDP growth for 2023-24 is projected at 6.5 per cent” RBI
2023-24	8 Jun 2023	6.5%	“real GDP growth for 2023-24 is projected at 6.5 per cent” RBI
2023-24	10 Aug 2023	6.5%	“real GDP growth for 2023-24 is projected at 6.5 per cent” RBI
2023-24	6 Oct 2023	6.5%	“real GDP growth for 2023-24 is projected at 6.5 per cent” RBI
2023-24	8 Dec 2023	7.0%	“real GDP growth for 2023-24 is projected at 7.0 per cent” RBI
2022-23	10 Feb 2022	7.8%	“the real GDP growth for 2022-23 is projected at 7.8 per cent” RBI
2022-23	8 Apr 2022	7.2%	“the real GDP growth for 2022-23 is now projected at 7.2 per cent” RBI
2022-23	8 Jun 2022	7.2%	“the real GDP growth projection for 2022-23 is retained at 7.2 per cent” RBI
2022-23	5 Aug 2022	7.2%	“the real GDP growth projection for 2022-23 is retained at 7.2 per cent” RBI
2022-23	30 Sept 2022	7.0%	“real GDP growth for 2022-23 is projected at 7.0 per cent” RBI
2022-23	7 Dec 2022	6.8%	“the real GDP growth for 2022-23 is projected at 6.8 per cent” RBI
2021-22	5 Feb 2021	10.5%	“real GDP growth is projected at 10.5 per cent in 2021-22 – in the range of 26.2 to 8.3 per cent in H1 and 6.0 per cent in Q3” RBI
2021-22	7 Apr 2021	10.5%	“the projection of real GDP growth for 2021-22 is retained at 10.5 per cent” RBI
2021-22	4 Jun 2021	9.5%	“real GDP growth is now projected at 9.5 per cent in 2021-22” RBI
2021-22	6 Aug 2021	9.5%	“projection for real GDP growth is retained at 9.5 per cent in 2021-22” RBI
2021-22	8 Oct 2021	9.5%	“projection for real GDP growth is retained at 9.5 per cent in 2021-22” RBI
2021-22	8 Dec 2021	9.5%	“the projection for real GDP growth is retained at 9.5 per cent in 2021-22” RBI
2020-21	6 Feb 2020	6.0%	“GDP growth for 2020-21 is projected at 6.0 per cent – in the range of 5.5-6.0 per cent in H1 and 6.2 per cent in Q3” RBI
2020-21	27 Mar 2020	no number	“projections of growth and inflation would be heavily contingent on the intensity, spread and duration of COVID-19” RBI
2020-21	22 May 2020	negative (no number)	“GDP growth in 2020-21 is estimated to remain in negative territory, with some pick-up in growth impulses from H2: 2020-21 onwards” RBI
2020-21	6 Aug 2020	negative (no number)	“For the year 2020-21, as a whole, real GDP growth is expected to be negative.” RBI
2020-21	9 Oct 2020	−9.5%	“real GDP growth in 2020-21 is expected to be negative at (-)9.5 per cent, with risks tilted to the downside” RBI
2020-21	4 Dec 2020	−7.5%	“real GDP growth is projected at (-)7.5 per cent in 2020-21” RBI
2019-20	7 Feb 2019	7.4%	“GDP growth for 2019-20 is projected at 7.4 per cent – in the range of 7.2-7.4 per cent in H1, and 7.5 per cent in Q3 – with risks evenly balanced” RBI
2019-20	4 Apr 2019	7.2%	“GDP growth for 2019-20 is projected at 7.2 per cent – in the range of 6.8-7.1 per cent in H1:2019-20 and 7.3-7.4 per cent in H2” RBI
2019-20	6 Jun 2019	7.0%	“GDP growth for 2019-20 is revised downwards from 7.2 per cent in the April policy to 7.0 per cent” RBI
2019-20	7 Aug 2019	6.9%	“real GDP growth for 2019-20 is revised downwards from 7.0 per cent in the June policy to 6.9 per cent” RBI
2019-20	4 Oct 2019	6.1%	“real GDP growth for 2019-20 is revised downwards from 6.9 per cent in the August policy to 6.1 per cent” RBI
2019-20	5 Dec 2019	5.0%	“real GDP growth for 2019-20 is revised downwards from 6.1 per cent in the October policy to 5.0 per cent” RBI
2018-19	7 Feb 2018	7.2% GVA	“GVA growth for 2018-19 is projected at 7.2 per cent overall – in the range of 7.3-7.4 per cent in H1 and 7.1-7.2 per cent in H2” RBI
2018-19	5 Apr 2018	7.4%	“GDP growth is projected to strengthen from 6.6 per cent in 2017-18 to 7.4 per cent in 2018-19” RBI
2018-19	6 Jun 2018	7.4%	“GDP growth for 2018-19 is retained at 7.4 per cent as in the April policy” RBI
2018-19	1 Aug 2018	7.4%	“GDP growth projection for 2018-19 is retained, as in the June statement, at 7.4 per cent” RBI
2018-19	5 Oct 2018	7.4%	“GDP growth projection for 2018-19 is retained at 7.4 per cent as in the August resolution” RBI
2018-19	5 Dec 2018	7.4%	“GDP growth for 2018-19 has been projected at 7.4 per cent (7.2-7.3 per cent in H2) as in the October policy” RBI
2017-18	8 Feb 2017	7.4% GVA	“GVA growth for 2017-18 is projected at 7.4 per cent, with risks evenly balanced” RBI
2017-18	6 Apr 2017	7.4% GVA	“GVA growth is projected to strengthen to 7.4 per cent in 2017-18 from 6.7 per cent in 2016-17, with risks evenly balanced” RBI
2017-18	7 Jun 2017	7.3% GVA	“the projection of real GVA growth for 2017-18 has accordingly been revised 10 bps downwards from the April 2017 projection to 7.3 per cent” RBI
2017-18	2 Aug 2017	7.3% GVA	“the projection of real GVA growth for 2017-18 has been retained at the June 2017 projection of 7.3 per cent” RBI
2017-18	4 Oct 2017	6.7% GVA	“the projection of real GVA growth for 2017-18 has been revised down to 6.7 per cent from the August 2017 projection of 7.3 per cent” RBI
2017-18	6 Dec 2017	6.7% GVA	“the projection of real GVA growth for 2017-18 of the October resolution at 6.7 per cent has been retained” RBI
2017-18	7 Feb 2018	6.6% GVA	“GVA growth for 2017-18 is projected at 6.6 per cent” RBI
2016-17	2 Feb 2016	7.6% GVA	“GVA growth for 2016-17 is projected at 7.6 per cent” RBI
2016-17	5 Apr 2016	7.6% GVA	“The GVA growth projection for 2016-17 is accordingly retained at 7.6 per cent, with risks evenly balanced around it” RBI
2016-17	7 Jun 2016	7.6% GVA	“the GVA growth projection for 2016-17 has been retained at 7.6 per cent with risks evenly balanced” RBI
2016-17	9 Aug 2016	7.6% GVA	“the GVA growth projection for 2016-17 is retained at 7.6 per cent” RBI
2016-17	4 Oct 2016	7.6% GVA	“the projection of growth of real gross value added (GVA) for 2016-17 is retained at 7.6 per cent, with risks evenly balanced around it” RBI
2016-17	7 Dec 2016	7.1% GVA	“GVA growth for 2016-17 is revised down from 7.6 per cent to 7.1 per cent, with evenly balanced risks” RBI
2016-17	8 Feb 2017	6.9% GVA	“GVA growth for 2016-17 is projected at 6.9 per cent with risks evenly balanced around it” RBI
2015-16	3 Feb 2015	6.5%	“the central estimate for real GDP growth in 2015-16 is expected to rise to 6.5 per cent with risks broadly balanced at this point” RBI
2015-16	7 Apr 2015	7.8% GVA	“output growth for 2015-16 is projected at 7.8 per cent, higher by 30 bps from 7.5 per cent in 2014-15” RBI
2015-16	2 Jun 2015	7.6% GVA	“the projection for output growth for 2015-16 has been marked down from 7.8 per cent in April to 7.6 per cent” RBI
2015-16	4 Aug 2015	7.6% GVA	“the projected output growth for 2015-16 has been retained at 7.6 per cent” RBI
2015-16	29 Sept 2015	7.4% GVA	“output growth projected for 2015-16 is marked down slightly to 7.4 per cent from 7.6 per cent earlier” RBI
2015-16	1 Dec 2015	7.4% GVA	“The growth projection for 2015-16 has accordingly been kept unchanged at 7.4 per cent with a mild downside bias” RBI
2015-16	2 Feb 2016	7.4% GVA	“GVA growth for 2015-16 is kept unchanged at 7.4 per cent with a downside bias” RBI
2014-15	28 Jan 2014	5.5%	“real GDP growth can be expected to firm up from a little below 5 per cent in 2013-14 to a range of 5 to 6 per cent in 2014-15, with risks balanced around the central estimate of 5.5 per cent” RBI
2014-15	1 Apr 2014	5.5%	“real GDP growth is projected to pick up from a little below 5 per cent in 2013-14 to a range of 5 to 6 per cent in 2014-15 albeit with downside risks to the central estimate of 5.5 per cent” RBI
2014-15	3 Jun 2014	5.5%	“the April projection of real GDP growth from 4.7 per cent in 2013-14 to a range of 5 to 6 per cent in 2014-15 is retained with risks evenly balanced around the central estimate of 5.5 per cent” RBI
2014-15	5 Aug 2014	5.5%	“the central estimate of real GDP growth of 5.5 per cent within a likely range of 5 to 6 per cent that was set out in the April projection for 2014-15 can be sustained” RBI
2014-15	30 Sept 2014	5.5%	“the projection of growth for 2014-15 is retained at 5.5 per cent within a range of 5 to 6 per cent around this central estimate” RBI
2014-15	2 Dec 2014	5.5%	“the central estimate of projected growth for 2014-15 has been retained at 5.5 per cent” RBI
2014-15	3 Feb 2015	5.5%	“the baseline projection for growth using the old GDP base has been retained at 5.5 per cent for 2014-15” RBI
2013-14	3 May 2013	5.7%	“the baseline GDP growth for 2013-14 is projected at 5.7 per cent” RBI
2013-14	30 Jul 2013	5.5%	“the growth projection for 2013-14 is revised downwards from 5.7 per cent to 5.5 per cent” RBI
2013-14	29 Oct 2013	5.0%	“raising real GDP growth from 4.4 per cent in Q1 to a central estimate of 5.0 per cent for the year as a whole” RBI
2013-14	28 Jan 2014	a little below 5 per cent	“real GDP growth can be expected to firm up from a little below 5 per cent in 2013-14” RBI
2012-13	17 Apr 2012	7.3%	“the baseline GDP growth for 2012-13 is projected at 7.3 per cent” RBI
2012-13	31 Jul 2012	6.5%	“the growth projection for 2012-13 is revised downwards from 7.3 per cent to 6.5 per cent” RBI
2012-13	30 Oct 2012	5.8%	“the baseline projection of GDP growth for 2012-13 is revised downwards to 5.8 per cent” RBI
2012-13	29 Jan 2013	5.5%	“the baseline projection of GDP growth for 2012-13 is revised down from 5.8 per cent given in the SQR to 5.5 per cent” RBI
2011-12	3 May 2011	8.0%	“the baseline projection of real GDP growth for 2011-12 for policy purposes is placed at around 8 per cent” RBI
2011-12	26 Jul 2011	8.0%	“the baseline projection of real GDP growth is retained at 8.0 per cent, as set out in the May 3 Policy Statement” RBI
2011-12	25 Oct 2011	7.6%	“we have revised downwards the baseline projection of GDP growth for 2011-12 to 7.6 per cent” RBI
2011-12	24 Jan 2012	7.0%	“the baseline projection of GDP growth for 2011-12 is revised downwards from 7.6 per cent to 7.0 per cent” RBI