The government will issue a new series of national accounts in January next year with 2011-12 as the base year for computing economic growth, so as to present a more realistic picture of the economy.
At present, the GDP is computed on 2004-05 base year.
Data on the country's gross domestic product (GDP), which would also represent more sectors of the economy, will be released for three consecutive years beginning 2011-12.
"The new series will better reflect the economy as it would include more sectors. However, it would be difficult to say whether there would be any significant change in growth rates for the previous years," National Statistical Commission (NSC) chairman Pronab Sen said.
The NSC has suggested revision of the base year for computing national accounts every five years, he said, adding that it may take about one year to ascertain the change in growth rates of different sectors and the economy as a whole based on the new series for the previous years.
"As per the revised policy of national accounts, the estimates for the year 2011-12, 2012-13 and 2013-14, due for release in January 2015, would have been the third revised estimates, second revised and first revised estimates, respectively," as official statement said.
Since these estimates have been compiled afresh, these would be referred to as "New Series" Estimates, it added.
The government will also be revising the base year for consumer price index (CPI), wholesale price index (WPI) and index of industrial production (IIP).
The new series of IIP and WPI are likely to be released by March 2016. The growth in the new series of IIP and WPI would be incorporated in the provisional estimates of 2014-15, to be released in May 2016.
The base year of the national accounts is changed periodically to take into account the structural changes which take place in the economy and to depict a true picture of the economy.