Government Plans Revision of GDP Base Year to 2022-23 by 2026

The government is considering changing the base year for GDP calculation to 2022-23, with implementation expected in February 2026. This update, the first since 2011-12, aims to reflect economic changes more accurately. MoSPI is also set to release monthly PLFS estimates starting next year.

The government plans to change the base year for GDP computation to 2022-23, expected to be implemented in February 2026, a top official disclosed. This move, the first revision in over a decade, aims to provide a more accurate representation of the economy's current state.

According to Saurabh Garg, Secretary of the Ministry of Statistics and Programme Implementation, the transition will involve a comprehensive exercise by the Advisory Committee on National Accounts Statistics. The committee, led by Biswanath Goldar, anticipates completing this task by early 2026.

Garg also revealed plans for the ministry to begin offering monthly estimates from the Periodic Labour Force Survey in the coming year. Such updates are crucial for reflecting shifts in economic structure, like consumption patterns and market changes.

(With inputs from agencies.)