EconomyGrowth
Who is spending: households, investment, government or the world?
Households and investment did most of the spending behind India's growth in April to June 2026: household consumption added 4.0 percentage points to GDP growth of 7.8%, and investment 4.0 points. Investment grew 11.9%, against 5.8% a year earlier.
Written for anyone who wants to know whether India's growth rests on consumers, companies, the government or exports. GDP to Q1 FY27 (April to June 2026).
This quarter
Real growth of each kind of spending on a year earlier. Household consumption grew 7.1%, government consumption 4.3%, investment 11.9%, exports 12.0% and imports −1.1%.
Real growth by kind of spending, Q1 FY27 and a year earlier
Growth on the same quarter a year earlier, new base. Imports are their own growth; they are subtracted from GDP.
How to read it. Each pair of bars is one kind of spending, this quarter against the same quarter last year.
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What added most
Spending at home, by households, government and investors, added 8.4 percentage points in Q1 FY27. Trade, exports less imports, added 3.0 points, helped by imports falling. Over the last four quarters households added 4.1 points a quarter on average and investment 3.1 points.
What each kind of spending added to GDP growth
Percentage points of real GDP growth, quarterly from Q1 FY24, new base. The bars add up to GDP growth.
How to read it. Imports count against GDP: when they rise their bar is below zero. The discrepancy is what is needed to make spending match output.
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The investment rate
Investment was 34.4% of real GDP in Q1 FY27, against 33.1% a year earlier; on the new base it has ranged from 31.3% to 35.6%. Household consumption was 55.0%. Only 13 quarters exist on the new base, too few to call any level usual.
Shares of real GDP
Quarterly from Q1 FY24, new base, at 2022-23 prices.
How to read it. Shares in real terms depend on the base year's prices; they move with spending, but their level is not the same as the share in rupees.
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The discrepancy
MoSPI measures GDP from what is produced and, separately, from what is spent. The two never match, and the difference is published as a discrepancy. On the new base it has averaged 1.0 percentage points of growth in either direction; in Q1 FY27 it was 3.2 points below zero. When it is that large, the spending split is the less certain half of the story, and the output side is the firmer guide.
Each part over time
Growth of each kind of spending since 2012, on the old base until Q1 FY24 and the new base after; the lines break at the join.
Real growth by kind of spending, both bases
Growth on a year earlier, quarterly. Each panel has its own scale. The lockdown quarters, Q1 FY21 to Q1 FY23, are left blank.
How to read it. Compare each part with its own past. Outside the lockdowns, imports, government consumption and exports swing most; household consumption moves least.
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The workings
The question
Data
Every chart has a table view, a CSV download and a link to its published JSON. Bundles are listed in data status.