Is India Ready to Adopt 2022–23 as the New Base Year for GDP Estimation?
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Synopsis
India is embarking on a transformative journey for its economic statistics, adopting 2022–23 as the new base year for GDP estimation. This update promises to include modern datasets and methodologies, significantly impacting economic analysis and policy formulation. Discover the implications of this major shift and how it aims to address historical data gaps.
Key Takeaways
- New base year: 2022-23 adopted for GDP estimation.
- Release date: New estimates to be unveiled on February 27, 2026.
- Enhanced data: Incorporation of new datasets for better accuracy.
- Focus sectors: Emphasis on private corporations and MSMEs.
- Feedback invited: Stakeholders can share insights until December 10, 2025.
New Delhi, Nov 22 (NationPress) India is poised to initiate a major transformation in its economic statistics as the government has revealed plans to update its GDP calculation methodology, adopting 2022–23 as the new base year, according to an official announcement.
The fiscal year 2022-23 has been selected as the base year for the upcoming series, with new estimates expected to be unveiled on February 27, 2026, the statement indicated.
This revised series will incorporate new datasets that were not available during the last significant update over ten years ago. These datasets include an updated framework of active companies, comprehensive Limited Liability Partnership filings, enhanced disclosures from corporate annual returns, and the annual survey of unincorporated enterprises.
The intention behind these additions is to bolster estimates across various institutional sectors, particularly focusing on private corporations and Micro, Small, and Medium Enterprises (MSMEs) where data deficiencies have historically existed.
An Advisory Committee on National Account Statistics (ACNAS) has been established to guide the Ministry of Statistics and Programme Implementation (MoSPI) on the incorporation of new data sources aimed at enhancing National Accounts estimates and refining the methodology for compiling and presenting National Accounts Statistics for economic analysis and policy development, as per a release from MoSPI.
The new data inputs will enable the government to assess the turnover share of companies by specific business activities, allowing for a more accurate distribution of output across the operational segments of multi-activity firms instead of attributing it to just one dominant line.
The inclusion of LLP data and the extensive use of the Annual Survey of Unincorporated Enterprises (ASUSE) along with labor force surveys are anticipated to broaden the coverage of services and the difficult-to-measure activities outside the corporate sector.
To inform users about the modifications being introduced in the new series, the ministry has published a discussion paper on national accounts on its websites. The upcoming discussion paper is expected to detail methodological changes in the compilation of aggregates using the expenditure approach.
MoSPI has invited feedback from experts, academics, governmental bodies, and other stakeholders on this discussion paper by December 10, 2025.
Point of View
The decision to adopt 2022-23 as the new base year for GDP estimation reflects a commitment to enhancing the accuracy and relevance of economic data. By incorporating updated datasets, India aims to address long-standing gaps in information, particularly within the private sector and MSMEs. This initiative underscores the importance of robust data in informing policy decisions and fostering economic growth.
NationPress
22/11/2025
Frequently Asked Questions
What is the significance of adopting 2022-23 as the new base year?
Adopting 2022-23 as the new base year for GDP estimation allows for a more accurate representation of India's economic landscape, utilizing updated datasets that reflect current market conditions and economic activities.
When will the new GDP estimates be released?
The new estimates based on the 2022-23 base year are scheduled to be released on February 27, 2026.
How will the new data sets improve GDP estimation?
The inclusion of new data sets, such as LLP filings and the Annual Survey of Unincorporated Enterprises, will provide a more comprehensive view of economic activities, especially in the private sector and MSMEs, thereby strengthening the GDP estimates.
Who is responsible for advising on the new GDP estimation framework?
The Advisory Committee on National Account Statistics (ACNAS) has been set up to advise the Ministry of Statistics and Programme Implementation (MoSPI) on incorporating new data sources and refining the estimation methodology.
How can stakeholders provide feedback on the discussion paper?
MoSPI has invited feedback from various stakeholders on the discussion paper until December 10, 2025, enabling experts and the public to contribute to the ongoing improvements in economic data compilation.
