<h1>FY 2025-26 first advance national income estimates set GDP/GVA growth baseline for budget planning; GDP seen at 7.4%</h1> National income 'First Advance Estimates' for FY 2025-26 prescribe the government's provisional macroeconomic aggregates for budgetary and fiscal-planning purposes, estimating real GDP growth at 7.4% and GVA growth at 7.3%, with sectoral GVA projections including manufacturing at 7.0%, services at 9.1%, and agriculture at 3.1%. Nominal GDP is estimated to grow 8.0%, with PFCE projected at 7.0% and GFCF at 7.8% (constant prices). These estimates, issued by NSO/MoSPI, are the operative statistical baseline used to frame the forthcoming Union Budget and to benchmark fiscal and policy assumptions for FY 2025-26.