GDP Data Set to Get Updated

GDP Data Set to Get Updated

  • Context:

  • After more than a decade of questions and debates, India is set to finally receive an updated gauge of its Gross Domestic Product (GDP).

  • The Ministry of Statistics and Programme Implementation (MoSPI) will unveil the new data series following over 40 formal meetings by the Advisory Committee on National Accounts Statistics (ACNAS).

  • The Need for Revision:

  • Structural Changes:

  • The current GDP series, introduced in January 2015, relies on 2011-12 as the base year for prices to calculate real growth.

  • Since then, the Indian economy has undergone massive structural transformations, notably the rise of prominent digital sectors like e-commerce, which demand accurate representation.

  • Global Ratings:

  • Procedurally, national GDP data requires regular updating.

  • The prolonged use of the 2011-12 base year led the International Monetary Fund (IMF) to retain a 'C' grade for India's GDP data in December 2025.

  • The New Base Year (2022-23):

  • The new series will adopt 2022-23 as the updated base year.

  • MoSPI will use this to release the GDP data for the October-December 2025 quarter, the Second Advance Estimate for 2025-26, and to revise data for the first two quarters of 2025-26.

  • Why 2022-23?

  • A fundamental requirement for a new GDP series is selecting a 'normal' economic year.

  • The preceding decade faced repeated macroeconomic disturbances:

  • Demonetisation in 2016

  • The GST rollout in 2017

  • The coronavirus pandemic in 2020

  • A sharp economic recovery in 2021.

  • Consequently, 2022-23 presented the very first viable opportunity for MoSPI.

  • How India’s Growth picture changed when GDP was last Revised?

  • Future Trajectory and Global Standards:

  • Statistics ministry officials indicate that the subsequent GDP revision will take place not before 2030.

  • SNA 2025 Integration:

  • Currently, India compiles its GDP using the international statistical standard known as the 2008 System of National Accounts (SNA 2008).

  • Recently, the United Nations Statistical Commission adopted the updated SNA 2025 norms.

  • India officially plans to shift to these SNA 2025 standards during its next base year revision, perfectly aligning with the UN's targeted global implementation window of 2029-2030.