Base year for GDP estimates being revised to 2022-23 to reflect new economic structures

Government noted in a latest update that base year for Gross Domestic Product or GDP estimates being revised to 2022-23 to reflect new economic structures. CPI base year is revised to 2024, updating the consumption basket and weights for both rural and urban households. IIP is being revised to 2022-23, aligned with the new national accounts series. Informal sector measurement has improved with quarterly QBUSE bulletins. District-level estimation has become a core design feature across PLFS, ASUSE, and NSS surveys. Public access to official data has been expanded through GoIStats, e-Sankhyiki, and the revamped Microdata Portal, supporting transparency and data reuse.

 

Periodic base year updates ensure that GDP and other indices reflect the current economic structure and relative prices, which tend to evolve over time. The base year is revised periodically to better capture the structural changes happening in the economy by updating the methodology of compilation and incorporation of new data sources. Moreover, rebasing allows adoption of international best practices in methodology as recommended by bodies like the UN Statistical Commission. Aligning with updated global standards ensures that India's statistics remain comparable and methodologically sound in light of new guidance on measuring the digital economy, supply-use tables, etc.

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