India to adopt 2022-23 as base year, include new data sets in GDP estimation
New Delhi, Nov 22
India is set to undergo a significant economic statistical overhaul as the government announced updation of its GDP estimation framework, adopting 2022–23 as the new base year, an official statement has said.
FY 2022-23 has been chosen as the base year of the new series and the estimates of new series are scheduled to be released on February, 27 2026, the statement said.
The revised series will draw on new datasets unavailable during the last overhaul over a decade ago. These new data sets include a refined frame of active companies, detailed Limited Liability Partnership filings, more disclosures from corporate annual returns, and the annual survey of unincorporated enterprises.
These inputs aim to strengthen estimates across institutional sectors, especially private corporations and MSME-heavy activities where data gaps have long persisted.
An Advisory Committee on National Account Statistics (ACNAS) has been constituted to advise MoSPI on inclusion of new data sources for improving the estimates of National Accounts and the methodology for compilation and presentation of National Accounts Statistics for purposes of economic analysis and policy formulation, a release from Ministry of Statistics and Programme Implementation (MoSPI) said.
The new inputs will allow government to measure turnover share of companies by specific business activity, enabling output to be correctly distribute output across operational segments of multi‑activity firms rather than attributed to a single dominant line.
Inclusion of LLP data and extensive use of Annual Survey of Unincorporated Enterprises (ASUSE) and labour force surveys are expected to improve coverage of services and the hard‑to‑measure activity outside corporate sector.
To apprise the users about the changes being made in the new series, the ministry has released a discussion paper on national accounts on its websites. The next discussion paper is expected to cover methodological changes in compilation of aggregates using expenditure approach.
MoSPI invited feedback from experts, academicians, government bodies and other stakeholders on the discussion paper by December 10, 2025.
— IANS
Reader Comments
Hope this brings more transparency in economic data. The inclusion of LLP filings and unincorporated enterprises data is crucial - these sectors employ millions of Indians but were poorly represented earlier.
While I appreciate the effort, I'm concerned about the timing. Why wait until 2026? The economy is changing rapidly and we need current data for better policy decisions. The delay seems unnecessary.
As an economics student, this is fascinating! The multi-activity firm segmentation will give us much clearer insights into which sectors are actually driving growth. Can't wait to see the new datasets! 📊
Good to see the government focusing on improving statistical systems. The MSME sector contribution has been underestimated for too long. This should help in better policy formulation for small businesses.
The international investor community will welcome this move. More accurate economic data means better investment decisions. Hope the implementation is as robust as promised.
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