Government proposed 2022-23 as the new base year for GDP computation.
The Statistics Ministry will publish GDP (Gross Domestic Product) with the new base year of 2022-23 in February 2026.
The base year will be also changed for retail inflation, based on the Consumer Price Index and factory output growth, based on the Index of Industrial Production.
At present, the base year is 2011-12 for the GDP calculations.
The Advisory Committee on National Accounts Statistics (ACNAS) was constituted under the Chairmanship of Biswanath Goldar will complete the exercise by early 2026.
The government is making several adjustments to improve the GDP calculations.
The proposed shift in the GDP base year in India is a step towards improving the accuracy and relevance of economic data.
Last base year revision for GDP was conducted in 2015 at that time it was changed to 2011-12 from 2004-05.
Gross Domestic Product (GDP) is a key economic indicator that measures the total value of goods and services produced within a country’s borders.
