India Updates GDP Base Year to 2022-23: Steps to Strengthen National Statistical System
The Government of India has announced plans to update the base year for Gross Domestic Product (GDP) calculations from 2011-12 to 2022-23. This change aims to reflect the latest economic realities and improve the accuracy of National Accounts Statistics.
To facilitate this update, an Advisory Committee on National Accounts Statistics (ACNAS) has been established. The committee includes representatives from the Central and State Governments, the Reserve Bank of India (RBI), academic institutions, and research organizations. The ACNAS is tasked with identifying new data sources and advising on methodologies for compiling National Accounts Statistics under the revised series.
To enhance the statistical system, the Government is taking the following steps:
- Constitution of ACNAS: Providing expert guidance on data and methodology.
- Standardization of Data Structure: Ensuring harmonized and high-quality reporting across the National Statistical System.
- Utilization of Administrative Data: Leveraging administrative records to improve the comprehensiveness and reliability of statistics.
By adopting these measures, the Government aims to strengthen the accuracy, reliability, and transparency of India’s statistical framework, aligning it with global best practices.
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Reference and Related Article
Press Information Bureau: Computation of GDP
The Economic Times: India to revise GDP base year
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