India to update GDP base year to ’23

India will update the base year for calculating gross domestic product (GDP) to fiscal 2023 from fiscal 2012, as announced by Minister for Statistics Rao Inderjit Singh on Monday.

An advisory committee has been formed to recommend new data sources and methodology for the revised series, with representatives from the government and central bank.

Private economists have criticised the outdated GDP estimates, which do not reflect the economy’s structural changes like the growth of digital platforms and the pandemic’s impact.

The government plans to release the revised GDP and CPI data under the new series in early 2026. This will provide a clearer picture of India’s economic trajectory and inform policymakers’ decisions.

Attribution: Reuters

Subediting: M. S. Salama