Centre has revised base year of GDP from 2011-12 to 2022-23

The Ministry of Statistics and Programme Implementation (MoSPI) has revised the base year of Gross Domestic Product (GDP) from 2011–12 to 2022–23, releasing the updated estimates on February 27, 2026. The revision aims to better reflect the current structure of the Indian economy and align statistical practices with global standards.

The revised GDP series incorporates new data sources, updated classifications, and methodological improvements in line with international recommendations. A key update is the adoption of the latest National Industrial Classification (NIC)-2025, which provides comprehensive coverage of economic activities, including services and IT/ITES sectors.

Alongside GDP, MoSPI has also launched a new series of the Index of Industrial Production with 2022–23 as the base year. The revised IIP offers wider industry and product coverage, with updated weights derived from more recent and granular data, thereby improving the accuracy and representativeness of industrial growth measurement.

In a significant technological shift, the new Consumer Price Index 2024 series introduces Computer Assisted Personal Interviewing (CAPI) for price data collection. This system uses handheld electronic devices with built-in validation checks, standardized specifications, and real-time monitoring, enhancing the quality, consistency, and timeliness of inflation data.

The revised GDP series also strengthens the measurement of both corporate and unincorporated sectors by leveraging new administrative and survey-based data sources. These improvements are expected to make economic estimates more reliable and useful for policymaking.

Source: PIB