GDP Base Year Revision

In December 2024, the government constituted a 26-member Advisory Committee on National Accounts Statistics (NAS) to revise the GDP base year from 2011-12 to 2022-23.

Key Highlights

  • Chaired by Biswanath Goldar, the committee will identify new data sources & refine GDP methodology.
  • The Central Statistics Office (CSO) releases NAS annually.
  • The last base year revision (2015) shifted from 2004-05 to 2011-12 and replaced GDP at factor cost with Gross Value Added (GVA) at basic prices.

Importance of Base Year Revision

  • Serves as a benchmark for GDP calculations, ensuring growth is adjusted for inflation.
  • Affects other economic indicators like:
    • Index of Industrial Production (IIP)
    • Wholesale Price ....


Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Current Affairs