Explainer: MoSPI releases new GDP series with base year 2022-23
GST
Dated:- 27-2-2026
PTI
New Delhi, Feb 27 (PTI) The government on Friday released the New Series of Annual and Quarterly National Accounts or GDP Estimates with base year 2022–23, replacing the previous series with base year of 2011–12.
Here is a quick guide to the fundamental terms used to measure India's economic growth.
What is Gross Domestic Product? Gross Domestic Product or GDP is the value of final goods and services produced in the domestic economy in a financial year.
What is a base year with reference to National Accounts? The base year in National Accounts Statistics is the reference year whose prices are used to calculate real g
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new series is on account of Covid pandemic and implementation of Goods and Services Tax (GST) in 2017-18 which required time for consolidation.
Also, fiscal 2021-22 witnessed sharp GDP growth largely due to the base effect of post-COVID recovery, making it unsuitable, for base revision.
After detailed discussions, the Advisory Committee on National Accounts Statistics recommended 2022-23 as the new base year.
Back series data is expected to be released by December 2026. As per the practice, in India, back-series estimates are recalculated using revised methodology of the new GDP series up to the previous base year.
What new data are being incorporating in new GDP series? In the new series, actual level estimates are bei
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