New Series
GDP base year to be revised to FY23 from FY12, says statistics ministry
This story was originally published at 18:02 IST on 2 December 2024
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NEW DELHI – The government has decided to update the base year for its official GDP series to the financial year 2022-23 (Apr-Mar) from 2011-12, Rao Inderjit Singh, minister of state with independent charge of the Ministry of Statistics and Programme Implementation, told Parliament Monday.
"An Advisory Committee on National Accounts Statistics, comprising representatives from central and state governments, Reserve Bank of India, academia, and researchers has been constituted for identification of new data sources and to advise on the methodology for compilation of National Accounts Statistics in the revised series," Singh said in response to a question in the Rajya Sabha.
Informist had earlier reported in September, citing sources, that the new GDP series with FY23 as the base year was likely to be introduced on Feb. 27, 2026, by the statistics ministry, when it will detail GDP data for the third quarter of FY26.
The statistics ministry last updated the GDP series in early 2015, when it revised the base year to FY12 from FY05. The revision of the GDP series, which also involved changes to the computation methodology, led to questions from several quarters about the data's accuracy as the economy's growth rate rose significantly under the new series. End
Reported by Siddharth Upasani
Edited by Rajeev Pai
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