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India's GDP Overhaul: How New 2022-23 Base Year Transforms Economic Data

India is modernizing how it calculates GDP by adopting 2022-23 as the new base year. The updated framework will use fresh data sources that weren't available during the last revision over ten years ago. This includes better corporate filings and detailed surveys of small businesses to fill long-standing data gaps. The new GDP estimates are scheduled for release in February 2026 after expert feedback and methodological refinements.

Key Points: India Adopts 2022-23 Base Year for GDP Estimation Framework

  • New GDP series uses 2022-23 as base year with February 2026 release date
  • Incorporates refined corporate data and LLP filings for better accuracy
  • Enhances MSME coverage through unincorporated enterprise surveys
  • Allows precise measurement of multi-activity company turnover by segment
2 min read

India to adopt 2022-23 as base year, include new data sets in GDP estimation

India updates GDP calculation with 2022-23 base year, incorporating new corporate data and MSME surveys to improve economic measurement accuracy.

"The revised series will draw on new datasets unavailable during the last overhaul over a decade ago - Ministry of Statistics and Programme Implementation"

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

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Reader Comments

R
Rohit P
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.
A
Arjun K
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.
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Sarah B
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! 📊
V
Vikram M
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.
M
Michael C
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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