India Revises GDP Base Year to 2022–23, Updates Economic Indicators

MoSPI Introduces New GDP Series with Improved Data and Methods

The Ministry of Statistics and Programme Implementation has revised the base year of India’s Gross Domestic Product (GDP) from 2011–12 to 2022–23 , with the updated series released on 27 February 2026 . The revision reflects changes in the structure of the economy, incorporation of new data sources and adoption of updated statistical standards. It aims to improve the accuracy and relevance of national income estimates for policymaking.

Strengthened GDP Estimation Framework

The revised GDP series incorporates methodological improvements in line with global statistical practices. It uses updated administrative datasets and survey inputs to better capture economic activity across both corporate and unorganised sectors.

The estimates are now based on the National Industrial Classification 2025 , which expands coverage of emerging sectors such as digital services and IT-enabled activities. This makes GDP estimates more representative of India’s evolving economic landscape.

Revision of Index of Industrial Production

Alongside GDP, the base year of the Index of Industrial Production has also been updated to 2022–23 .

The revised IIP includes a broader basket of industries and products, along with updated weightages derived from recent data. These changes enhance the accuracy of measuring industrial growth and reflect current production patterns more effectively.

Modernisation of Price Indices

The revision exercise also includes improvements in inflation measurement. The Consumer Price Index 2024 series introduces Computer Assisted Personal Interviewing (CAPI) for digital data collection.

Enumerators now use electronic devices with built-in validation systems, ensuring real-time monitoring and improved data accuracy. Similarly, the Wholesale Price Index has adopted a secure online system for faster and more reliable data transmission.

Use of High-Frequency Indicators and Nowcasting

To strengthen economic monitoring, the government has expanded the use of high-frequency indicators such as GST collections, electricity consumption, railway freight and PMI indices. These indicators are used in nowcasting models to estimate GDP trends before official data releases.

Frameworks presented in the Economic Survey 2025–26 and the Monthly Economic Review help assess macroeconomic conditions in near real time, supporting evidence-based decision-making.

Exam-Focused Points

• GDP base year revised from 2011–12 to 2022–23 by Ministry of Statistics and Programme Implementation .

• New GDP series uses National Industrial Classification 2025 .

• Index of Industrial Production base year also updated to 2022–23 .

• CPI 2024 series uses CAPI for digital price data collection.

• High-frequency indicators are used for nowcasting GDP growth .