India is set to update the base year for calculating gross domestic product (GDP) to fiscal 2023 from fiscal 2012, Minister for Statistics Rao Inderjit Singh told Parliament on Monday. An advisory committee on national accounts statistics has been formed to identify new data sources and advise on the methodology for the revised series,

The government on Monday decided to change the base year for compilation of gross domestic product or GDP from 2011-12 to 2022-23 for which an advisory committee on National

India will change the base year for compiling its gross domestic product to 2022-23 from 2011-12, Statistics Minister Rao Inderjit Singh said in a written reply in parliament on Monday.

India is updating its GDP base year from 2011-12 to 2022-23 by February 2026 for a more accurate economic reflection. A committee has been formed to oversee this transition. Additionally, new monthly labour force estimates will be released from January 2025 to enhance data-driven decision-making.