New Delhi, February 27: The new GDP series (base year 2022-23) is set to be released this Friday. Prior to this, a sub-committee formed by the Ministry of Statistics and Programme Implementation (MoSPI) has recommended increased use of GST data for GDP estimates in the new series.
This report is part of the process to revise the national accounts base year to the fiscal year 2022-23, initiated by MoSPI. The 2011-12 series had utilized GST data in certain areas of quarterly and annual national accounts.
India is transitioning its GDP base year from 2011-12 to 2022-23. Additionally, the Consumer Price Index (CPI) base will also be updated in 2024, aiming to better reflect the current economic structure, including the growing share of digital businesses and the service sector.
This change will involve improved assessments of the informal sector and the use of new data sources like GST. Furthermore, data related to electric vehicles (vehicle registrations) and natural gas consumption will be included. With this new methodology, India could strengthen its position as the world’s fourth-largest economy.
According to preliminary estimates, the GDP growth rate for the fiscal year 2025-26 is projected to be 7.4 percent, primarily driven by domestic demand. SBI Research indicates that the GDP growth rate for the third quarter of fiscal year 2026 could range between 8 and 8.1 percent. Despite global challenges, the domestic economy has maintained robust momentum, with high-frequency data from October to December 2025 reflecting strong economic activities.
A report from Union Bank of India suggests that despite adverse base effects, the GDP growth rate could reach 8.3 percent in the third quarter of the current fiscal year.
The second advance GDP estimates for fiscal year 2025-26, along with GDP figures from the previous three fiscal years and the new base year 2022-23, will be released this Friday.
My name is Bhupendra Singh Chundawat. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
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