The Government of India (GoI) has announced its decision to revise the base year for the calculation of Gross Domestic Product (GDP) from 2011-12 to 2022-23.
An Advisory Committee on National Accounts Statistics (ACNAS) has been constituted to facilitate the transition.
The committee includes representatives from central and state governments, the Reserve Bank of India, academia, and research institutions.
As part of efforts to strengthen the statistical system, the government has undertaken several initiatives. These include the establishment of ACNAS, the standardization of data structures to ensure harmonized and high-quality reporting across the National Statistical System, and the increased utilization of administrative data.
Several economists have said that the current GDP estimates, which rely on a base year over a decade old fail to fully capture the structural shifts in the economy, particularly the rise of digital platforms and impact of the pandemic.
The government intends to release GDP and consumer price index (CPI) data under the new series starting in early 2026.
