GDP Base Year Revision
Purpose and Methodology
The GDP base year is the reference year against which real GDP growth is measured. Periodic revision of the base year is essential to keep the composition of the economy reflected in GDP estimates current — sectors that have grown in importance must be given appropriate weight.
- India has revised its GDP base year several times: 1948-49, 1960-61, 1970-71, 1980-81, 1993-94, 2004-05, 2011-12, and now 2022-23.
- The Advisory Committee on National Accounts Statistics (ACNAS), chaired by the Chief Statistician of India, recommended 2022-23 as the new base year.
- Key methodological improvements in the new series: adoption of "double deflation" (using separate price deflators for inputs and outputs in industrial sectors), expanded use of GST transaction data as a real-time administrative data source, and better capture of the digital economy, gig economy, and platform services.
- Real GDP growth measures the increase in the volume of goods and services, stripping out inflation effects. Nominal GDP includes inflation.
- Back-series data is critical to making meaningful historical comparisons; its absence in the transition period creates analytical uncertainty.
● Tracked since February 13, 2026 · last seen September 21, 2026 · updates as the daily brief publishes
03 Sep '26
New GDP Series with Base Year 2022-23: A Structural Overhaul of National Accounts
Economics
31 May '26
New IIP Series with 2022-23 Base Year Launched: Credit-Debit Cards In, Sewing Machines Out
Economics
27 May '26
India's Index of Industrial Production Overhauled: New Base Year 2022-23 from June 2026
Economics
01 Mar '26
India's New GDP Series: A Base Year Shift That Redraws Fiscal and Growth Benchmarks
Economics
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