India is set to update the base year for calculating gross domestic product (GDP) to fiscal 2023 from fiscal 2012, Minister for Statistics Rao Inderjit Singh told Parliament on Monday. An advisory committee on national accounts statistics has been formed to identify new data sources and advise on the methodology for the revised series,

Union Government has decided to update the base year for compilation of Gross Domestic Product (GDP) from 2011-12 to 2022-23, aiming to provide a more accurate representation of the country's economic structure.

India is updating its GDP base year from 2011-12 to 2022-23 by February 2026 for a more accurate economic reflection. A committee has been formed to oversee this transition. Additionally, new monthly labour force estimates will be released from January 2025 to enhance data-driven decision-making.

An Advisory Committee on National Accounts Statistics, comprising representatives from government, RBI, academia and researchers, has been constituted for identification of new data sources.