India to Roll Out New GDP Base Year 2022–23 from February 2026, Says MoSPI

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India will introduce a revised national accounts series from February 2026, adopting 2022–23 as the new base year to incorporate updated datasets and modern statistical practices. According to the Ministry of Statistics and Programme Implementation (MoSPI), the new series will be released on February 27, 2026, as part of a routine update designed to enhance the accuracy, relevance, and timeliness of macroeconomic indicators used for policymaking, planning, and research.

Why the Base Year Is Being Updated

National account statistics—used for calculating GDP, GVA, and related indicators—are periodically revised to ensure they reflect the evolving economic landscape. The revision helps to:

1. Capture structural changes in the economy

2. Integrate improved and newly available data sources

3. Adopt updated methodologies aligned with global standards

4. Account for shifts in consumption, production, and investment patterns

The previous major update occurred in 2015, when the base year was shifted from 2004–05 to 2011–12. The upcoming revision aligns the data framework with post-pandemic economic conditions and the rapid growth of digital and service-oriented sectors.

Advisory Committee and Methodological Overhaul

MoSPI has set up a high-level Advisory Committee on National Account Statistics (ACNAS), chaired by Prof. B.N. Goldar, to guide the revision process.

The committee’s mandate includes:

1. Recommending new and improved data sources

2. Proposing methodological enhancements

3. Ensuring consistency with international guidelines such as SNA 2008

4. Strengthening the analytical usefulness of national accounts

Discussion Papers for Greater Transparency

To create awareness about the forthcoming changes, MoSPI is publishing a set of discussion papers.

First Discussion Paper

1. Covers production- and income-based estimates

2. Details updates in the compilation of GDP and GVA in both nominal and real terms

Upcoming Discussion Paper

1. Will focus on expenditure-side estimation

2. Expected to highlight revised approaches to consumption, investment, government expenditure, and external trade

These documents aim to help economists, researchers, students, and policymakers understand the methods and implications of the new series.

Expected Advantages of the New Series

1. More precise GDP measurement using enhanced datasets

2.Better representation of emerging segments such as digital services and the gig economy

3. Improved estimation of informal and unorganised sectors

4. Greater usefulness for economic analysis, policy design, and forecasting

Key Static Information

1. New base year: 2022–23

2. Implementation date: February 27, 2026

3. Previous base year: 2011–12 (adopted in 2015)

4. Ministry in charge: MoSPI

5. ACNAS Chairperson: Prof. B.N. Goldar

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