Indian govt reviewing transforming base year from 2011-12 to 2022-23 for determining GDP

The federal government is taking into consideration transforming the base year for calculation of the GDP to 2022-23 in February 2026 to show a precise photo of the economic climate, a leading federal government authorities stated.

This will certainly be the very first alteration in over a years. It was last carried out in 2011-12.

Addressing an occasion below, Ministry of Statistics and Programme Implementation (MoSPI) Secretary Saurabh Garg better stated the ministry will certainly think of regular monthly price quotes of Periodic Labour Force Survey (PLFS) from January following year.

“…next base year (GDP) will be 2022-23…will be implemented from February 2026,” Garg stated.

The 26-member Advisory Committee on National Accounts Statistics (ACNAS), which was made up under the Chairmanship of Biswanath Goldar, is anticipated to finish the workout by very early 2026.

Regularly upgrading the base year is important to make certain that indices properly show modifications in the economic climate’s framework, such as change in usage pattern, industry weight and the consolidation of brand-new markets.

Garg stated that MoSPI remains in procedure of beginning treatment of financial demographics.

He likewise pitched for advertising information driven choice making.

Garg likewise favoured much better information administration using consistent standards.

He regreted that several of the upscale area are rejecting to speak to ministry’s property surveyors.