India to update GDP base year from fiscal 2012 to 2023

New Delhi: The central government has decided to reset the base year for calculating Gross Domestic Product (GDP) and other key financial data from 2011-12 to 2022-23, Minister of State (Independent Charge) of the

Ministry of Statistics and Programme Implementation Rao Inderjit Singh informed parliament on Monday.

The minister said an advisory committee on national accounts statistics, comprising representatives from the Central and State Government, Reserve Bank of India (RBI), academia, and researchers, has been constituted to identify new data sources and advise on the methodology for compiling national accounts statistics in the revised series.

The 26-member Advisory Committee on national accounts statistics (ACNAS), chaired by Biswanath Goldar, is expected to complete the revision by early 2026.

“Steps, such as constitution of ACNAS, standardisation of data structure to promote harmonised quality reporting across National Statistical System and use of administrative data are the steps taken by the Government to improve the statistical system,” Singh said in written reply to a question in the Rajya Sabha.

The minister’s comments come days after the government data showed a sharp deceleration in the GDP growth. The economic growth declined to a 7 quarters low of 5.4% in the second quarter of the current financial year.