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

NEW DELHI — 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.

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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 act