New GDP Series: Base Year Shifts to 2022–23
Why in the news
MoSPI revised national accounts, moving the GDP base year to 2022–23 for greater accuracy and alignment with global practice.
Base year basics
- A reference year used to compute real GDP by removing price effects; ideally with fairly stable prices.
- Old: 2011–12. New: 2022–23.
- Updated periodically in line with the System of National Accounts (SNA).
Objectives
Mirror today’s economic structure, capture the digital economy and new industries, measure informal and gig activity better.
| Area | Change |
|---|---|
| Deflation | Price indicators rise from about 180 to 600; sector-specific indices replace broad deflators; double deflation in manufacturing and agriculture |
| Informal sector | Annual data from ASUSE and PLFS; gig and platform workers tracked |
| Big data | GST for corporate and regional output, e-Vahan for transport, PFMS for government spending |
| Consistency | Supply and Use Tables reconcile production and expenditure |
| Consumption | PFCE from surveys, commodity flow and production data on COICOP 2018 |
| Quarterly data | Proportional Denton method removes artificial spikes |
Double deflation
Inputs and outputs are deflated separately, so raw-material price moves do not masquerade as output growth.
Exam angle
- Base year: 2011–12 to 2022–23.
- Terms: double deflation, SUT, PFCE.