New GDP Series (Base Year FY23):
The Ministry of Statistics and Programme Implementation (MoSPI) has officially overhauled India’s national accounts, shifting the GDP base year from 2011-12 to 2022-23 and introducing significant methodological shifts to improve accuracy.The GDP base year is a standard reference point used by economists to calculate Real GDP.By using prices from a specific stable year (now 2022-23), the effect of inflation is removed, allowing the government to measure the actual increase in production and output of the economy.
New Base Year:
- Current: 2011-12
- Revised: 2022-23 (FY23)
- Frequency: India periodically updates this to align with the International System of National Accounts (SNA).
