GDP Base Year To Be Revised To FY23, New Series Launch Likely In 2026

The process of GDP base year revision is underway, with the fiscal 2023 being proposed as the base year, according to officials at the Ministry of Statistics and Programme Implementation. The launch of the revised series is expected to be likely in February 2026, officials from the ministry said at an interaction with forecasters and economists on gross domestic product and consumer price index.

• Annual Survey of Unincorporated Sector Enterprises for Unorganised Sector Estimates

• Double deflation (wherever possible) and single extrapolation

• Use of GST data

• Use of the Annual Survey of Service Sector Enterprises and GVA to state

• Household Consumption Expenditure Survey results for the base revision

• De-seasonalized quarterly estimates of GDP

While the annual survey of unincorporated sector enterprises will help solve the problem of unorganised sector estimates, the ministry is also working on using double deflation where possible and extrapolation where it is not possible, along with working on seasonal use estimates.

While the base year should ideally be revised every three-to-five years, in India, changing the base year is a more holistic exercise, officials from the ministry explained.