More Stories

Informist, Tuesday, Apr. 7, 2026

NEW DELHI – The central government has proposed a revision of the base year for gross state domestic product to the financial year 2022-23 (Apr-Mar) from FY12, in line with the new GDP series. The Ministry of Statistics and Programme Implementation Tuesday released draft guidelines for the compilation of GSDP and gross state value addition with FY23 as the base year, and district domestic product estimates.

The revision in the GSDP base year will ensure more accurate, consistent, and comparable estimates of the states' economic performance over time, the statistics ministry said in a release. The ministry introduced the new GDP series with FY23 as the base year in February, changing the base year from FY12.

"The compilation of Regional Accounts is critical for evidence-based policy formulation, fiscal devolution, regional planning, and assessment of inter-State disparities," the ministry said. "With significant advancements in administrative databases, including GST data, financial reporting systems and survey-based data, there is considerable scope to enhance the robustness, granularity, and comparability of Gross State Domestic Product (GSDP) and District-level estimates."

The government has formed a subcommittee on regional accounts, chaired by former Monetary Policy Committee member Ravindra H. Dholakia, to review concepts, methodology, and new data sources for compilation of GSDP and district domestic product. The committee will also focus on standardisation of compilation practices cross states to promote uniformity, transparency, and comparability in regional accounts statistics, the ministry said. The ministry has sought feedback from stakeholders on the proposed guidelines by Apr. 27.

The ministry has also developed comprehensive draft uniform guidelines for compilation of district domestic product. The guidelines aim to provide a framework for states and Union territories to compile district-level estimates, it said.  End

Reported by Shweta

Edited by Rajeev Pai

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (11) 4220-1000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.