On Thursday, the government revised the Gross Domestic Product (GDP) data upwards for financial years 2016-17 and 2017-18 significantly, that is by as much as 110 basis points. The released data showed that GDP growth for 2016-17 was revised by 110 basis points from 7.1 percent to 8.2 percent and that for 2017-18 from 6.7 percent to 7.2 percent.

"Real GDP or GDP at constant (2011-12) prices for 2017-18 and 2016-17 stand at Rs 131.80 lakh crore and Rs 122.98 lakh crore, respectively, showing growth of 7.2 per cent during 2017-18 and 8.2 per cent during 2016-17," the Central Statistics Office said. The CSO had earlier made an advance estimate of GDP growth rate at 7.2 percent for 2018-19.

"The First Revised Estimates for 2017-18 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of release of Provisional Estimates on 31st May, 2018," it said.