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 ....


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