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India's Gross Domestic Product (GDP) estimation framework has undergone multiple revisions since Independence, reflecting the country's evolving economic structure and improvements in data collection. Highlighting this journey, Finance Minister Nirmala Sitharaman emphasized that the newly introduced
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The new GDP base year series for India is 2022-23, which has been introduced to enhance the accuracy and reliability of economic estimations.
The new 2022-23 GDP series utilises over 300 data sources and 1,400 variables.
Finance Minister Nirmala Sitharaman clarified that GDP base year updates are routine statistical practices and not politically motivated.
The new series incorporates data from the informal sector, integrates GST data, uses real-time PFMS data, and includes transport and fuel data for better economic valuation.
India has witnessed nine revisions of its GDP series since Independence, with the first base year being 1948-49.
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