Merchandise Trade Indices Base Year Shifts to 2022-23
Why in the news
The Commerce Ministry updated the reference year of India’s merchandise trade indices, shifting it a decade ahead.
Key facts
| Item | Detail |
|---|---|
| Ministry | Commerce and Industry (MoCI) |
| Old base year | 2012-13 |
| New base year | 2022-23 |
| Panel head | Prof. Nachiketa Chattopadhyay |
Significance
- Keeps trade data in tune with today’s economy.
- Improves use for GDP estimation and trade analysis.
Exam angle
- New base: 2022-23.
- Old base: 2012-13.
Why it matters
- A newer base year reflects the present structure of trade.
- Revision was advised by an expert committee.