GDP Base Year Revision
Why It Matters
A base year revision in national accounts updates the reference year against which economic output is measured at constant prices. When the base year is shifted, the entire GDP series is recalculated to reflect changes in the structure of the economy (e.g., relative prices, new sectors, consumption patterns). Base year revisions often alter historical growth rates, which is why two series are not directly comparable until rebased data is published for overlapping years.
- Old base year for India: 2011-12 (used since January 2015 when MoSPI revised from 2004-05)
- New base year: 2022-23 (announced February 2026); introduces data from the Household Consumption Expenditure Survey (HCES) 2022-23
- International practice: IMF/UN System of National Accounts (SNA 2025) recommends revising base year every 5 years
- India's base year revision history: 1950-51 → 1960-61 → 1970-71 → 1980-81 → 1993-94 → 1999-2000 → 2004-05 → 2011-12 → 2022-23
- Effect of 2022-23 revision: Q3 FY26 GDP growth reported at 7.8% vs. expectation of ~7.4% under old series — difference attributable to base year change and updated data sources
● Tracked since February 14, 2026 · last seen March 11, 2026 · updates as the daily brief publishes
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