Government Shifts GDP Base Year To 2022-23 From 2011-12
The Government on Monday confirmed that it has decided to update the base year for calculating gross domestic product from 2011-12 to 2022-23, according to a media statement by the Ministry of Statistics & Programme Implementation. The Ministry also announced the decision in a written response in Parliament.
The government has taken steps to improve the statistical system, such as forming the committee, standardising data structures, and using administrative data, according to a statement.
The ministry officials had indicated that the revised GDP series is expected to launch in February 2026.
Understanding The Impact
The previous base year of 2011-12 did not accurately represent economic conditions, as noted by NR Bhanumurthy from the Madras School of Economics. He explained that the revision relies on several government surveys. He explained that the revision process is based on multiple surveys conducted by the government to capture rates and ratios that accurately represent the economy.
The government will also provide a back series to clarify GDP figures. Changes in this revision will include using data from the Annual Survey of Unincorporated Sector Enterprises for estimates in the unorganised sector, applying double deflation when possible, and using the Annual Survey of Service Sector Enterprises.
Additionally, The government will offer de-seasonalised quarterly GDP estimates.
The government formed an Advisory Committee on National Accounts Statistics. This committee includes members from Central and State Governments, the Reserve Bank of India, universities, and researchers. The committee will identify new data sources and advise on how to compile National Accounts Statistics.
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