Government Set to Update GDP Base Year to 2022-23 for Accurate Economic Reflection

The government plans to update the base year for GDP computation from 2011-12 to 2022-23 to better reflect the economy's current state. The Ministry of Statistics and Programme Implementation (MoSPI) will propose this change to the Advisory Committee on National Accounts Statistics (ACNAS). New data sources like GST data will be included, and older items such as VCRs and recorders will be removed in favor of modern products like smart watches and processed foods. Several new surveys will also be conducted to improve the statistical system.

The government is planning a significant update to the base year used for GDP computation, moving from 2011-12 to 2022-23, aiming for a more accurate economic representation, according to sources.

This marks the first revision in over a decade, last undertaken in 2011-12. The Ministry of Statistics and Programme Implementation (MoSPI) is expected to propose this change to the Advisory Committee on National Accounts Statistics (ACNAS).

The ACNAS, led by Chairman Biswanath Goldar, is slated to complete this revision by early 2026, with new GDP estimates anticipated in February 2026. Newer data sources, including GST data, will be incorporated, replacing outdated items like VCRs with modern ones such as smartwatches. In addition, various other surveys are planned to enhance the overall statistical system.

(With inputs from agencies.)