India to launch revised GDP series with new base year and improved methodology

Summary

India will release a new national accounts series on Feb. 27 with a 2022/23 base year and expanded price data, aiming to improve measurement accuracy and address long-standing concerns about growth estimates.

NEW DELHI, Feb. 24, 2026 — India will introduce an updated system for calculating gross domestic product this week, incorporating a new base year and more detailed price indicators to refine real growth estimates, officials said.

The revised series, due for release on Feb. 27, will shift the base year from 2011/12 to 2022/23 and expand the number of items used for price adjustments to roughly 500–600, up from about 180, according to Saurabh Garg, secretary at the Ministry of Statistics and Programme Implementation (MoSPI).

The updated framework will draw more extensively on consumer price data alongside wholesale prices to better reflect changes in the structure of the economy.

Methodology changes aim to improve precision

Officials said the overhaul is designed to address longstanding methodological concerns raised by economists and international institutions about how India measures real output.

One key change is the move toward more granular price deflation, including broader use of sector-specific indices. This is expected to provide a more accurate picture of value added across industries, particularly manufacturing.

Updating an outdated base year

The current GDP series is based on a 2011/12 benchmark, which many analysts say no longer captures the evolving composition of the economy, including the rise of services and digital sectors.

Rebasing to 2022/23 aligns India’s statistics more closely with international best practices, which recommend periodic updates to reflect structural changes.

Potential impact on growth estimates

MoSPI said the new series will include back-series data for recent years, allowing comparisons over time under the revised methodology.

While the goal is improved accuracy rather than altering headline growth trends, such revisions often lead to adjustments in historical and current growth figures.

Why this matters

Reliable economic data is critical for policymaking, investor confidence, and international comparisons.

By updating its GDP methodology and base year, India aims to strengthen the credibility of its national accounts and provide a clearer picture of economic performance at a time when growth data is closely watched by markets and global institutions.

FAQs

Q1. When will the new GDP series be released?

The revised national accounts series is scheduled for release on Feb. 27, 2026.

Q2. What is changing in the calculation?

India is adopting a new 2022/23 base year and expanding the price data used to adjust for inflation, improving measurement precision.

Q3. Why was a revision needed?

The previous 2011/12 base year was considered outdated and less reflective of the current structure of the economy.

Q4. Will historical growth numbers change?

Yes, back-series revisions are expected, which may slightly alter past growth estimates.

Q5. How does this affect investors and policymakers?

More accurate data can influence policy decisions, forecasts, and investment assessments.