GDP Data: National Accounts Data with the FY 2022–23 Base Year to Release on February 27, 2026

India’s official GDP data is set for a significant methodological reset. The Ministry of Statistics and Programme Implementation (MoSPI) will release the new National Accounts series with FY 2022–23 as the base year on February 27, 2026.

The revision marks the first base year update in over a decade and is aimed at better reflecting the structural transformation of the Indian economy since 2011–12.

Why is the GDP Base Year Being Revised?

Base year revisions are a standard statistical practice carried out periodically to ensure that economic indicators reflect current production structures, consumption patterns, and relative prices.

Since the last base year of 2011–12, India’s economy has undergone substantial changes, including:

• Rapid expansion of the services sector
• Growth of digital and platform-based businesses
• Increased formalisation following the introduction of GST
• Emergence of sectors such as renewable energy and advanced manufacturing

Updating the base year to 2022–23 allows the GDP framework to incorporate these structural shifts and adopt updated international best practices in national accounting.

What Will Change in the New GDP Series?

While GDP will continue to be compiled using both the production (income) and expenditure approaches, the revised series introduces methodological refinements and expanded data usage.

Key enhancements include:

• Greater use of administrative data sources such as GST, e-Vahan (vehicle registrations), and PFMS
• Updated price indices and deflators for more accurate real growth estimates
• Improved measurement of the informal and services sectors
• Better alignment between annual and quarterly national accounts

The changes are expected to improve both the precision and credibility of growth estimates.

Why was FY 2022–23 Selected as the Base Year?

The year 2022–23 was chosen as it represents the most recent “normal” year after the economic disruptions caused by the COVID-19 pandemic between 2019 and 2021.

Using a pandemic-distorted year as the base could have skewed relative weights and economic benchmarks. FY 2022–23 provides a more stable reference point for measuring future growth trends.

What Does It Mean for Policymakers and Markets?

Base year revisions can lead to changes in historical GDP growth rates and sectoral contributions. While the overall economic direction may not shift dramatically, sector weights and real growth estimates could be recalibrated.

For policymakers, the updated series will provide a more accurate foundation for fiscal planning and structural reforms. For the Reserve Bank of India, revised inflation-adjusted growth data can influence monetary policy assessment. For investors and businesses, the new data will offer a clearer picture of sectoral momentum.

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Conclusion

The release of the FY 2022–23 based National Accounts on February 27, 2026, represents more than a routine statistical update. It is a structural recalibration of how India measures its economic performance.

As the economy evolves through digitalisation, formalisation, and sectoral transformation, the updated GDP series aims to ensure that official data keeps pace. This will enhance transparency, improve policy relevance, and strengthen confidence in India’s macroeconomic framework.

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