The government will set 2022-23 as the new base year for the calculation of GDP, and the quarterly and annual growth rates according to the new base year will be released on February 27.

The GDP base year was changed in 2015 from 2004-05 to 2011-12 to better reflect the economy, incorporate new data sources (including MCA-21 corporate database) and align with global statistical standards. However, it made historical comparison harder and sparked debate on estimates.

“The Ministry of Statistics and Programme Implementation is in the process of revising the base year of national accounts from FY2011-12 (current series) to FY2022-23 (new series). Therefore, the advance and quarterly estimates will undergo revisions due to changes in the methodology of estimation at current and constant prices, incorporation of updated and new data sources, updation of annual benchmark,” a statement said.

“The second advance estimates for FY2025-26, along with past three financial years’ GDP estimates as well as quarterly estimates underthe new base FY2022-23, will be released on 27.02.2026.”