Revamping GDP: India's New Base Year Initiative

India's government has constituted a panel to update the base year for national accounts from 2011-12 to 2022-23. This initiative, involving representatives from the Reserve Bank, government, and academia, aims to adapt to structural economic changes, with the results expected by 2026.

India's government has taken a significant step toward revising its national accounts by updating the base year from 2011-12 to 2022-23, a panel announced on Monday. This update is designed to align the GDP data with current economic structures and requirements.

The Minister of State for Statistics & Programme Implementation, Rao Indjerjit Singh, informed the Rajya Sabha about the formation of an Advisory Committee on National Accounts Statistics (ACNAS). This committee includes officials from the central and state governments, Reserve Bank of India, and academic institutions, tasked with identifying new data sources and recommending methodologies for the updated GDP series.

This 26-member committee, chaired by Biswanath Goldar, aims to complete its work by early 2026. The government's initiative seeks to improve data harmonization and quality reporting, reflecting the true economic picture through updated methodologies and use of administrative data.

(With inputs from agencies.)