General Studies GS In the news 8 times

Base Year Revision

Why It Matters

GDP base year revision involves recalculating national income accounts using a new reference year that better reflects the current structure of the economy. India has periodically revised its GDP base year: from 1948-49 (first series) through 1960-61, 1970-71, 1980-81, 1999-2000, 2004-05, 2011-12, and now 2022-23. The new base year captures post-pandemic economic restructuring, the formalisation driven by GST, and the expanded role of the digital and services economy.

Key details

Previous national GDP base year: 2011-12
New base year: 2022-23
Purpose: Reflect current economic structure, incorporate new data sources (GSTN, MCA21), align with international standards (System of National Accounts 2025)
Impact on GSDP: States/UTs must also shift to 2022-23 base year for inter-comparability
GSTN integration: Real-time GST data enables more accurate and timely state-level production estimates

In the news

● Tracked since February 13, 2026 · last seen May 31, 2026 · updates as the daily brief publishes

31 May '26

New IIP series with FY23 base year to be out on Monday; credit-debit cards in, sewing machines out

Economics

27 May '26

ET Graphics | Base to basket: India's IIP gets a major makeover

Economics

07 May '26

Govt issues uniform guideline for measuring states' GDP with revised base year of 2022-23

Economics

07 Apr '26