India’s GDP Framework Set For Major Reset As New Series Of National Accounts Statistics With FY23 As Base Year To Be Launched On 27 February

India is gearing up for a significant overhaul of its economic measurement system with the introduction of a new series of National Accounts Statistics, set to be launched on February 27. This update will use the fiscal year 2023 as the base year, replacing the current base year of 2011-12, and aims to provide a more accurate reflection of the country's economic landscape. The change is expected to incorporate recent economic developments and structural changes that have occurred over the past decade. The decision to update the base year is crucial for ensuring that GDP calculations remain relevant and reflective of the current economic activities. Experts suggest that this will likely enhance the precision of economic data, aiding policymakers in crafting more effective economic strategies. Additionally, the updated framework is anticipated to capture the rapid technological advancements and shifts in consumer behavior that have emerged in recent years. As the new base year is implemented, it may lead to revisions in previously reported GDP figures, potentially impacting growth rate perceptions. Analysts are keenly observing how this reset will affect economic projections and international comparisons. The transition is a part of India’s ongoing efforts to align its statistical practices with global standards, thereby improving the accuracy and reliability of its economic indicators.

— Authored by Next24 Live